02/12/2008 - 15:18

Glencore to lift Minara stake to 70%

02/12/2008 - 15:18

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Swiss trading giant Glencore International will increase its stake in Minara Resources to over 70 per cent after subscribing to a shortfall of shares in the Perth firm's $210 million capital raising.

Swiss trading giant Glencore International will increase its stake in Minara Resources to over 70 per cent after subscribing to a shortfall of shares in the Perth firm's $210 million capital raising.

Minara said today Glencore, which was the underwriter to the pro-rata rights issue, will acquire 169.56 million shares not subscribed to, taking its interest to 70.6 per cent.

A total of 700.67 million shares were to be issued in the raising, which was launched in late October.

Previously, Glencore held a 55.59 per cent interest in Minara.

Minara has previously said that funds raised will be used to repay a short-term loan to Glencore, which will leave it debt-free.

Funds will also be used for working capital for the next 18 to 24 months.


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