Metal Bank Limited (ASX:MBK) Closes Fully Subscribed Entitlement Offer
Entitlement Offer Success
Metal Bank Limited (ASX: MBK) has announced the successful closure of its Entitlement Offer, raising a total of $1,561,842. The offering received significant backing from both existing shareholders and new institutional investors.
Funding for Exploration Projects
The funds raised will enable Metal Bank to accelerate exploration activities at the Livingstone Gold project and the Millennium cobalt-copper-graphite project in Australia. Additionally, the company plans to advance its projects in Saudi Arabia and Jordan, bolstering its strategic position in these regions.
Executive Comments
Inés Scotland, Executive Chair of Metal Bank, expressed gratitude towards shareholders for their support. She stated, “We thank our existing shareholders for their great support and we welcome new institutional and sophisticated investors onto our register.” She highlighted the company’s recent achievements, including the award of its first exploration licence in Saudi Arabia and the confirmation of high-grade graphite at Millennium.
Future Outlook
Looking ahead, Metal Bank is focused on a busy work program for 2025. It aims to unlock value from its Australian gold and copper projects while progressing its Jordan and Saudi projects toward a drill-ready status. The company plans to issue approximately 97,615,093 new ordinary shares as part of this capital raising initiative. The issue is set to enhance its ability to conduct strategic reviews and increase resources in existing deposits.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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