(MENAFN- ProactiveInvestors)Copper explorer Metminco (LON:MNC ASX:MNC) has raised A$1.2mln (£0.55mln) through a placing and warrant subscription for more exploration at Los Calatos in Peru. Most of the funds came from the placing with new shares issued at 0.2p per share and fund exploration on a target adjacent to main deposit. 'Any resources discovered at TD2 would complement any development at Los Calatos and potentially enhance the project economics' said Metminco. Bill Howe managing director said: "The funds raised from the Placing and exercise of May 2016 Options will enable the company to progress work on the Los Calatos project while the Company seeks to negotiate a partnership deal in relation to development of the Project. 'A number of potential interested parties are currently undertaking due diligence on the Los Calatos." Shares fell 6% to 0.24p.
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