Metals X Limited is Raising fund through Institutional Placement


Institutional placement: Metals X Limited’s (ASX: MLX) stock was placed in a trading halt session at the request of the company on July 31, 2018 due to a proposed placement. Subsequently, the company announced about raising fund of around A$50 million at A$0.65 per share through Institutional placement. The funds have been slated for use to enhance financial flexibility in view of the MLX’s flagship Nifty Copper Operation (Nifty) that continues to ramp up for the targeted annual production rate of 40,000 tonnes of copper in concentrate. The company with the funds raised will accelerate regional exploration at Nifty. The company will also fund targeted regional exploration at the Renison Tin Operations (Renison) and will fund advance activities at the Company’s development projects including the Maroochydore Copper Project (Maroochydore), the Renison Tailings Retreatment Project (Rentails) and the Wingellina Nickel-Cobalt Project (Wingellina). Further, the company will fund general working capital along with the company’s existing cash balance. Meanwhile, MLX stock has fallen 9.55% in three months as on July 30, 2018.

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