This company has just announced a capital raise
Metalicity Ltd (ASX: MCT) has announced that it is undertaking a 2 for 7 non-renounceable Rights Issue to raise a total of circa $3.65m before costs. The funds raised will go towards drilling at the Kookynie Gold Project in the prolific Eastern Goldfields region.
When an ASX-listed company announces a capital raising, it generally means it is selling more shares to raise money.
More often than not, the shares are sold at a discount to the company’s share price at the time to entice new and existing investors.
Following the announcement, shares in Metalicity Ltd traded flat at $0.007/share.
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