- MetalsTech (MTC) has completed a bookbuild and sell down of shares held by Wuxi Baichuan Chemical Industrial Co (BBC)
- All remaining 7.79 million shares held by BBC were sold, at a discounted price of 18 cents per share
- MetalsTech’s Chairman, Russell Moran, has welcomed the sale and said he was pleased with the result
- The company is now focused on ‘aggressively’ developing its Sturec Gold Project in Slovakia
- Shares in MetalsTech are trading up 9.52 per cent, at 23 cents per share
MetalsTech (MTC) has completed a bookbuild and sell down of shares previously held by Wuxi Baichuan Chemical Industrial Co (BBC).
More than 7.79 million shares were sold off to new investors as part of the sell-down — which represents all of the equity previously held by BBC.
They were priced at a discounted 18 cents each, and sold to institutional and sophisticated investors unrelated to MetalsTech.
Company Chairman, Russell Moran, has welcomed the sale and said he was pleased with the result.
‘The participants in the Bookbuild are gold-focused investors that want to see MTC aggressively develop the Sturec Gold Project,” he said.
MetalsTech’s Sturec Gold Project is located in Slovakia and contains a mineral resource of 21.2 million tonnes at 1.50 grammes per tonne of gold and 11.6 grammes per tonne of silver, containing 1.026 million ounces of gold and 7.94 million ounces of silver on an open cut scenario.
Underground, the project is believed to host 388 kilotons at 3.45 grammes per tonne of gold and 21.6 grammes per tonne of silver, containing 43 thousand ounces of gold and 270 thousand ounces of silver.
The company’s Chairman said drilling at the site in Slovakia is continuing, after beginning in April this year.
“We are due to commence drilling from the underground Andrej adit [at Sturec] where we will be targeting extensions of the previously drilled high-grade mineralisation,” he added.
Shares in MetalTech are trading up 9.52 per cent following the sell-down, trading for 23 cents per share at 1.23 pm AEST.