Metminco Ltd
(ASX:MNC) is set to raise $30 million to boost exploration at its projects in Peru and Chile.
The mining exploration company will issue 150 million shares at 20 cents per share to institutional investors.
Metminco says the placement will significantly broaden its shareholder base and introduce a number of strong cornerstone investors to the company.
Funds raised in the placement will also be used to undertake a feasibility study at the Mollacas project, to advance the Vallecillo project and for working capital.
In September Metminco announced it would acquire the remaining minority interests in Hampton Mining Ltd.
Metminco says the acquisition together with placement, will enable it to focus on an aggressive exploration program.
Metminco recorded a loss of $7.77 million for the year to 30 June 2010.
