Meteoric Resources NL (ASX:MEI) Share Placement To Raise A$1.1 Million To Fund Exploration At Webb Gold Project And New Joint Ventures
Perth, Sep 16, 2009 AEST (ABN Newswire) - The directors of Meteoric Resources NL (ASX:MEI) are pleased to announce that the Company has reached agreement with a combination of sophisticated and professional investors to place 7,500,000 fully paid shares at an issue price of A$0.15 per fully paid share. The placement includes an entitlement to receive one Meteoric contributing share for each two subscribed fully paid shares. The issue of the contributing shares is subject to shareholder approval.
Following the placement, Meteoric will have 58,315,290 fully paid shares and 18,851,527 contributing shares on issue and cash and liquid investments of A$1.8 million after payment of raising costs. Appendix 3B New Issue Announcements will be released after the new fully paid shares and contributing shares have been issued and application will be made for their quotation.
The funds raised will be mainly directed to financing initial exploration of Meteoric's high priority gold project at Webb in Western Australia and new joint ventures near Webb targeting iron oxide-copper-gold (IOCG) mineralisation in this prospective and unexplored region, where Meteoric has increased its land holding to more than 2,000sq km.
As recently announced (MEI ASX releases of 17 and 31 August 2009), Meteoric has identified and secured six pronounced coincident magnetic and gravity anomalies with potential for IOCG mineralisation. Meteoric is planning to fast track exploration of the outstanding 80sq km gold target at Webb and two promising IOCG prospects, with sampling and drilling scheduled to commence in the next month.
About Meteoric Resources Nl
Meteoric Resources NL (ASX:MEI) is a Perth based rare earth company that is progressing its flagship Caldeira Project in Minas Gerais, Brazil and aims to become Brazil’s next rare earth producer. The Caldeira Project is a true Ionic adsorbed Clay (IAC) deposit with above industry TREO grades and excellent metallurgical recoveries using a standard Ammonium Sulphate (AMSUL) wash flowsheet. These grade and recovery characteristics allow a simple flowsheet to be developed to produce a Mixed Rare Earth Carbonate (MREC) with an anticipated low capital and operating costs. Meteoric aims to become a significant volume, low-cost producer and is committed to supporting and integrating into western supply chain opportunities.
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