Millennium Minerals' Substantial Shareholder Increases Stake

Sep. 27, 2013 1:06 AM ET
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Millennium Minerals (ASX: MOY) has received a notice of change in substantial holding from IMC Resources Gold Holdings and its related entities, which have increased their stake to 34.64% from 29.94%.

IMC had acted as underwriter for the company's recent 2 for 21 non-renounceable rights issue that raised $1.55 million.

It subscribed for the shortfall of 14,075,424 and had also acquired shares on market in May 2013 prior to Millennium's 1 for 22 share consolidation in July.

IMC now holds 75,413,198 shares in Millennium.

IMC is part of IMC Pan Asia Alliance Corporation, a Singapore-based privately owned enterprise chaired by Chavalit Tsao that has a diverse range of business interests. This includes a 9.41% stake in Atlas Iron (ASX: AGO).

Proceeds from the rights issue will be allocated to fund a Debt Service Reserve Account as required under the company's financing agreements along with business development opportunities - including the acquisition of new projects and tenements.

Millennium's recent reverse circulation drilling at the Nullagine Gold Project in Western Australia's Pilbara region has intersected high grade gold at the Golden Gate G Reef deposit that also indicate potential for pit extensions along strike.

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.

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