Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Minerals Corporation Rights Issue To Fund Copper Exploration Next To Tiger Resources' Kipoi 0 comments
    Sep 8, 2013 10:02 PM

    Minerals Corporation (ASX: MSC) has already received support for its non-renounceable rights issue which will raise up to $750,000, with $500,000 underwritten.

    The documents have now been sent to shareholders, which comprises a five for eight offer at $0.003 per share, together with one free attaching option for every new share subscribed for.

    Recent drilling at the company's Luishia Prospect in the Democratic Republic of Congo intersected disseminated copper mineralisation in the first three diamond holes, with assays pending.

    Trenching has identified 700 metres of strike in broad zones of mineralisation remaining open to the northwest.

    The Luishia Prospect is located immediately adjacent to Tiger Resources' (ASX:TGS) copper producing Kipoi Project. Kipoi produced 11,116 tonnes of copper in the June quarter 2013.

    Variation to joint venture agreement

    In August MSC outlined the successful restructuring of certain cash considerations for its DRC Copper Joint Venture.

    As previously announced, the amount of US$750,000 was due on completion under the joint venture which is anticipated to occur shortly. It has been agreed that this amount, together with an additional payment of US$110,000, shall now be payable no later than 30 September 2014.

    Murray Ward, managing director for Minerals Corporation, said at the time: "the over one year extension to the tranche two consideration payment is a great outcome for MSC as it enables to company to focus on continuing exploration and adding value to the joint venture.

    "The agreement of our joint venture partner in the DRC, Rubamin FZC, to this extension is a sign not only that they are as committed as us to the joint venture, but that they also see the prospectivity in the copper concessions."

    MSC has also boosted its board experience, and last week appointed Dr Andrew Tunks as a non-executive director of the company.

    Tunks has over 25 years of experience and has led numerous successful exploration campaigns in Africa, leading to the discovery of several gold deposits in Ghana, as well as Botswana's largest uranium deposit.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.