Metal Bank initiates entitlement offer

Metal Bank (ASX:MBK) has announced a fully underwritten pro-rata non-renounceable entitlement offer to raise approximately $1.56 million. Shareholders will receive one new share for every four shares they hold at a price of $0.016 each. The offer is underwritten by Taylor Collison and aims to finance strategic initiatives, including exploration projects in Australia and the MENA region.

Summary and outlook on Metal Bank's strategic plans

Metal Bank (ASX:MBK) is launching a $1.56 million entitlement offer to fund exploration and development projects in Australia and the MENA region. The offer, priced at $0.016 per share, is fully underwritten by Taylor Collison. The raised capital will support the Livingstone Gold Project in Western Australia, the Millennium Copper & Cobalt project in Queensland, and MBK's expansion in Saudi Arabia and Jordan. The company's strategic focus includes increasing JORC resources and enhancing project value. Management's participation in the offer underscores their confidence in MBK's growth potential. With the expected increase in shares and ongoing project efforts, MBK aims to strengthen its market position and explore further opportunities in the MENA region.

Executive commentary on entitlement offer

MBK's directors, including Chair Inés Scotland and Executive Director Sue-Ann Higgins, plan to participate in the entitlement offer. Entities associated with Inés Scotland and Sue-Ann Higgins have agreed to sub-underwrite portions of the offer.