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The latest announcement is out from Metal Bank Limited ( (AU:MBK) ).
Metal Bank Limited has secured binding agreements for a $1.2 million equity placement, issuing 70,588,235 new shares at $0.017 each to new sophisticated cornerstone investors, a 30% premium to its recent closing price. The raise modestly dilutes existing shareholders but strengthens the company’s balance sheet and broadens its investor base.
Proceeds will be directed to advancing the Seven Leaders gold deposit at Whiteheads toward production and drilling at the Homestead and Winja deposits within the Livingstone project to convert resources to reserves. The funding is expected to accelerate Metal Bank’s transition from explorer to producer, with a relocatable processing solution providing capital-efficient flexibility and supporting its goal of commencing production at Livingstone in the near term.
More about Metal Bank Limited
Metal Bank Limited is an Australian exploration company focused on gold, copper and cobalt, with a significant portfolio of advanced projects. Its key asset is a 75% interest in the Livingstone Gold Project in Western Australia, which hosts a JORC 2012 mineral resource of 2.81Mt at 1.36 g/t gold for 122,500 ounces across three proximal deposits, with additional exploration targets offering further upside.
Average Trading Volume: 788,331
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$10.1M
For detailed information about MBK stock, go to TipRanks’ Stock Analysis page.