JOHANNESBURG (miningweekly.com) – JSE-listed Metorex announced on Monday that it had raised R900-million through a clawback offer, which was oversubscribed.

Some 250-million new Metorex ordinary shares of 10c each were offered to shareholders at a price of R3,60 a share.

The company said in a statement that 822,96-million shares, or 329%, had been subscribed for.

Metorex CEO Terence Goodlace said that the company was satisfied with the amount that was raised and said that it indicated strong shareholder support for Metorex's strategy.

He added that the company had recapitalised its balance sheet through the partial clawback offering and the Pan African and Vergenoeg disposals.

"Together with the recently announced implementation of the revised Ruashi debt package, this places Metorex in a robust position to focus on its base-metals growth strategy, which includes production ramp-up at Ruashi and new project developments on the Central African Copperbelt."

Some of the clawback subscribers were said to include the State-owned Industrial Development Corporation, Polaris Capital Management, Minerales Y Productos Derivados, Coronation Asset Management, the Standard Bank of South Africa and Old Mutual.

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