Metalstech Launches A$1M Capital Raise For Sturec Gold Mine

MetalsTech Ltd (ASX: MTC) has launched a A$1 million share purchase plan (SPP) to advance its Sturec Gold Mine in Slovakia.

The funds will also be applied to the continued strategic process being undertaken with MetalsTech’s advisors, Minmetals Securities.

The SPP for existing shareholders is at an issue price of A$0.23, representing a 23.9% discount to the last traded price of A$0.285.

Extension of underground permit

Sturec has a resource of ~2.7 million ounces in a gold environment where the price remains strong trading above US$2,300 per ounce.

MetalsTech recently received an extension to the underground mining activity permit at Sturec.

This represents a significant de-risking to the permitting pathway at Sturec, which continues to advance as a high-value underground-only mining operation.

The permit is valid for a further 10-year period from 2024 to 2034 and allows MetalsTech to extract gold and silver ores utilising underground mining techniques.

Significant strategic attention

MetalsTech is also undertaking a strategic process in conjunction with Minmetals to identify potential transaction counterparties.

Director Gino D’Anna said: “The SPP is an excellent opportunity for existing shareholders to increase their investment in the company as we continue to run the strategic process in conjunction with our advisors

“The Directors and Major Shareholders have flagged their intention to participate in the SPP alongside other shareholders as we continue to attract significant strategic attention owing to the substantial JORC (2012) Measured, Indicated and Inferred resource, the substantial exploration upside and the strategic location on the Western Tethys Gold Belt.”

 

 

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