29/06/2010 - 12:59

MEC completes $4.5m capital raising

29/06/2010 - 12:59

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Exploration investor MEC Resources has completed a $4.5 million capital raising.

MEC completes $4.5m capital raising

Exploration investor MEC Resources has completed a $4.5 million capital raising.

The company has entered into a funding agreement with private eastern states investor Bob Healy and Associates.

In a statement MEC Resources said that Bob Healy and Associates will be issues 12.8 million shares at 35 cents per share.

The company has welcomed Bob Healy and Associates as a significant shareholder.

MEC targets potentially large minerals and energy resources and has invested in companies including Advent Energy.

 

See full company statement below:

MEC Resources Limited (ASX: MMR) is pleased to advise that it has entered into a funding agreement with Bob Healy and Associates ("BHA"). Upon receipt of the final payment BHA will be issued 12,857,143 shares at 35 cents per share as agreed by MEC and BHA on 21 June 2010.
This is a substantial capital raising totalling $4.5 million and MEC Resources welcomes BHA as a shareholder of the company.
The shares will be issued by MMR under Listing Rule 7.1, with proceeds of the raising to be used to manage MEC's investments and for general working capital.

 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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