[miningmx.com] — Mid-tier mining company Metorex said on Monday that its clawback offer has been oversubscribed. A total of 822.96 million – or
329% – shares were subscribed for.
Metorex had offered 250 million new Metorex ordinary shares at a price of 360c per claw back offer share in the ratio of 33.233 claw back offer shares for every 100 Metorex shares. A total of 822.96 million – or 329% – shares were subscribed for.
Accordingly the offer has been fully subscribed and the proceeds of $120m
– or around R900m – have been received by the company. Excess shares have
been allocated equitably to the initial subscribers and excess applicants in
accordance with the number of excess shares applied for.
Metorex CEO Terence Goodlace said: “Not only does this indicate strong shareholder support for Metorex’s strategy but through this process and through the Pan African and Vergenoeg disposals, we have now recapitalised the company’s balance sheet.
“Together with the recently announced implementation of the revised Ruashi debt package, this places the Company in a robust position to focus on its base metals growth strategy, which includes production ramp-up at Ruashi and new project developments on the Central African Copperbelt,” he added.