Discovery Metals shareholders approve P22m placement

At the Australian miner's General Meeting held last Thursday, shareholders overwhelmingly approved the issue of  22 million ordinary shares valued at P22 million (4 million Australian Dollars) to Macquarie Bank Limited and Taurus Fund. At the meeting, held in Sydney, Australia, 95 percent of shareholders present voted in support of the share placement with Macquarie and Taurus.

The deal means Macquarie has increased its stake in DML from 14.4 percent, while Taurus has also added to its existing 13.1 percent shareholding in the Australian company.