Metallic Minerals Corp (OTCMKTS:MMNGF) Stock Continues to Trend Lower

Yesterday, Metallic Minerals Corp (OTCMKTS:MMNGF) was a company that had come into the news cycle following a major new announcement from the company.

Trading Data

On Thursday, MMNGF stock lost 5.93% to $0.2602 with 34.75K shares, compared to its average volume 135.55K shares. The stock moved within a range of $0.2559 – 0.2714 after opening trade at $0.2610.

Metallic Minerals Completes Strategic Equity Investment by Newcrest Mining

The company announced that it had got a 9.5% strategic equity investment through a fully owned subsidiary unit of Newcrest Mining Limited. As per the provisions of the placement, Metallic Minerals Corp issued a total of 15,838,593 units for the price of $0.40 each and managed to raise gross proceeds to the tune of $6.3 million. Each unit that had been issued by the company was made up of one common share in Metallic Minerals Corp and three-fourth of a common share purchase warrant.

Those in possession of a whole warrant would be entitled to pick up a common share in the company for the price of $0.55. If the warrants are actually exercised then it would be possible for Metallic Minerals Corp to raise an additional $6.5 million in funding. The warrants can be exercised up until three years from the date of issuance. However, there is also the early acceleration provision if the company’s shares trade for 20 consecutive days for $0.825 or lower on the TSX Venture Exchange.