Brisbane, Nov 23, 2009 (ABN Newswire) - Resources company Metallica Minerals Limited (ASX:MLM) has welcomed an announcement by subsidiary MetroCoal Limited that it will proceed with an Australian Securities Exchange (ASX) listing following MetroCoal's oversubscribed Initial Public Offering (IPO).
Metallica Minerals Managing Director Andrew Gillies said the success of the IPO was a testament to the quality of MetroCoal's management and its coal tenements in Queensland's Surat Basin.
"We are pleased about the strong response to this IPO which reflects the company's excellent prospects," Mr Gilles said.
The IPO has raised in excess of A$10 million and MetroCoal will issue 40 million ordinary fully paid shares at an issue price of 25 cents, with Patersons Securities Limited the Underwriter and Lead Manager to the Offer. The company is scheduled to list on 4 December 2009, subject to ASX confirmation (proposed ASX code-MTE).
The A$10 million raised through the IPO process will allow MetroCoal to continue its exploration and evaluation programs targeting thermal coal within the Surat basin.
MetroCoal holds seven granted exploration tenements covering some 4,000 square kilometers of thermal coal bearing strata.
About Metallica Minerals Limited
Metallica Minerals Limited (Metallica) was incorporated in 1997 by Founding and Managing Director Andrew Gillies. Metallica was established with the primary objective of creating opportunity and wealth for its shareholders through the evaluation and development of mineral projects in Queensland. Metallica was listed on the Australian Stock Exchange November 2004 (ASX:MLM). Metallica's focus and flagship project is its North Queensland Nickel Cobalt (NORNICO)
Contact
Mr Andrew Gillies Managing Director Metallica Minerals Ltd Tel: +61-7-3891-9611 Mob: +61-416-137-556
Mr Mike O'Brien CEO, MetroCoal Ltd Tel: +61-7-3891-9611 Mob: +61-419-599-523
Metallica Minerals Limited
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