Shares in Metallica Minerals Limited (ASX:MLM) jumped this morning after the diversified minerals developer announced a $24 million placement.
Metallica’s 45 per cent owned associate, MetroCoal Limited, has announced the share subscription and investment agreement to a Chinese coal services group, DADI Engineering Development.
After the placement is finalised DADI will hold 15 per cent of the shares in MetroCoal. The funds raised will be used to develop MetroCoal’s coal projects.
Shares in Metallica Minerals had jumped more than 8 per cent this morning and were trading at $0.375.
In the six months to the 31 December 2010 Metallica Minerals booked a net loss of $3.2 million.
