Metals X completes equity raising and plans on demerger

Company News

by David Chau

Metals X Ltd (ASX:MLX) has announced that it has completed an equity raising of $100.6 million – to domestic and institutional investors.

The diversified mining company says it is also undertaking a Share Purchase Plan of up to $15 million.

The company has also completed its takeover offer of Aditya Birla Minerals Ltd, the owner-operator of the Nifty copper mine in WA, and says this transaction will significantly bolster its base metals division.

As for Metal X’s gold assets, the company has confirmed it plans to de-merge them from its base metal assets. However, this demerger would be subject to shareholder and regulatory approval.

Metals X reported a net profit of $812,000 at 31 December 2015.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.