THE BOURSE WHISPERER: Metalicity Limited (ASX: MCT) informed the market that the company has completed the acquisition and associated funding of the Admiral Bay zinc project and Rocky Gully nickel-copper project.
The project acquisitions and funding arrangements were part of re-compliance requirements with Chapters 1 and 2 of the Australian Securities Exchange Listing Rules in order for Metalicity to be re-instated to the boards of the ASX.
The company declared it has satisfied all of the conditions set by the vendors and funding parties to settle the acquisition of the Admiral Bay and the Rocky Gully projects.
This includes the receipt of US$5 million, which is currently held in escrow and which Metalicity anticipates will be unconditionally released shortly.
Metalicity said it expects to be re-instated to and trading on the ASX on or about the 29th September 2015.
“Completion of the acquisition and funding is a significant achievement and the company is now fully funded to accelerate development of the Admiral Bay zinc project, which has the potential to be long life, low cost and is located in the world class mining jurisdiction of Western Australia,” Metalicity managing director Matt Gauci said in the company’s announcement to the Australian Securities Exchange.
“The development of Admiral Bay comes at a time of expected zinc supply shortage and we look forward to an active work program and further discussions with potential partners post reinstatement to trading on the ASX.”