Meteoric Resources NL (ASX:MEI) Share Placement To Raise A$0.9M
Perth, Jan 27, 2011 AEST (ABN Newswire) - Meteoric Resources NL (
ASX:MEI) wish to announce that the Company has reached agreement with CPS Securities to place 6,000,000 fully paid shares at an issue price of A$0.15 per fully paid share. Several of that brokers' clients have continued to hold significant shareholdings in the Company and their continued support is welcomed.
Those applicant shareholders will also be issued with 4,000,000 contributing shares for no consideration although an amount of A$0.20 in respect of each of those shares is due to be paid when called by the Company. The fully paid and contributing shares will be placed with a combination of sophisticated and professional investors.
Following the placement, Meteoric will have 74,029,251 fully paid shares and 27,504,727 contributing shares on issue and cash and liquid investments of A$2.1 million after payment of raising costs.
The funds raised will be directed to funding the drilling of hematite and magnetite iron ore targets at the Coorara project and for general working capital.
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is a Perth based rare earth company that is progressing its flagship Caldeira Project in Minas Gerais, Brazil and aims to become Brazil’s next rare earth producer. The Caldeira Project is a true Ionic adsorbed Clay (IAC) deposit with above industry TREO grades and excellent metallurgical recoveries using a standard Ammonium Sulphate (AMSUL) wash flowsheet. These grade and recovery characteristics allow a simple flowsheet to be developed to produce a Mixed Rare Earth Carbonate (MREC) with an anticipated low capital and operating costs. Meteoric aims to become a significant volume, low-cost producer and is committed to supporting and integrating into western supply chain opportunities.
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