Metex to raise $5.4m for exploration through rights issue

West Perth-based gold and uranium explorer Metex Resources Ltd will issue shares on a one for five basis to existing shareholders, aiming to raise $5.4 million to fund additional exploration and development of its joint venture with the CSIRO.

The company, which will issue around 45 million shares at 12 cents each, will have issued around 268 million shares on completion of the issue.

The offer will open on March 13, to close March 27.