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Metminco Limited (ASX: MNC) is an exploration and mining company.
The company, today on 1st April 2019, updated that on the 29th March 2019, it had completed the issue of 306 unsecured convertible notes raising $918,000. These convertible notes are unlisted and convertible into fully paid listed shares on the successful completion of the proposed merger with the Andes Resources Limited (âProposed Mergerâ), as was announced by the company on Wednesday, 13 March 2019.
The details of the convertible note terms were announced in an earlier ASX release. The utilisation of these proceeds fetched from the issue of these convertible notes will involve funding the companyâs working capital requirements and progressing the Proposed Merger.
For the FY ended 31 December 2018, the company reported a loss for the consolidated entity after providing for income tax amounted to $7,833,968 (31 December 2017: $35,227,373).
As per the annual report for the period ending 31st December 2018 released by the company, under the notes to consolidated financial statements, it had stated that the consolidated group incurred a net loss after tax of $7,833,968 (31 December 2017: $35,227,373), has net cash used in operations of $3,358,289 during year ended 31 December 2018 (31 December 2017: $4,388,346) and has a cash balance of $167,614 at that date (31 December 2017: $834,377).
Although the group has taken steps to ensure that its outgoing expenditure is at the minimum levels required to maintain its projects in good standing and meet its governance, compliance and ASX listing obligations, additional funding will be needed within the next 12 months to meet these obligations. The company continues to review various capital raising options to underpin the continued solvency of the business and support its working capital and business development. This has been realised by the proposed merger with Andes Resources Ltd and a commitment to raise a total of up to A$4 million.
The management is of the view that, if these capital raising initiatives do not take due effect, then there is a likelihood that the group may not be able to procure the additional financing required. This is expected to give rise to a material uncertainty, which may cast significant reservations upon the Groupâs capability to endure as a going concern entity.
On the price-performance front, the stock has posted the YTD return of -16.67%. The company also has posted returns of -37.5% and -16.67% over the past six and three months, respectively. At the time of writing, i.e., on 1st April 2019 AEST 02:58 PM, the stock of the company is trading at a price of A$0.002, performing flat during the dayâs trade with a market capitalisation of ~A$2.38 million. The stock opened the day at A$0.003, which was also the intraday high and touched an intraday low of $0.002, with a daily volume of ~ 1,066,000. It had a 52-week high price of $ 0.017 and a 52 weeks low price of $ 0.002, with an average volume of, 1,735,745 approximately.
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