Metall raises $65m from public offering

Metall Mining (TSE) has raised $65 million from a public offering to reduce bank debt and provide funds for other corporate purposes, including the financing of projects in North America, Europe and the Pacific Rim. The public offering was comprised of five million units, each unit consisting of one common share and one-half of a warrant to purchase a common share. The units were priced at $13 each.

The warrants have a 3-year term expiring March 7, 1994, and each whole warrant entitles the purchaser to acquire one common share at an exercise price of $14. The units have been separated into common shares and warrants and will trade only as common shares or warrants.

Douglas Scharf, Metall’s vice-president of finance, said proceeds will be used to retire a US$40-million bank loan which the company utilized to acquire the Copper Range mine in Michigan.

Once the loan is paid off, Metall’s long-term debt will drop to $33 million, according to Scharf.


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