STOCKS NEWS UK SMALL-Placing, debt deal lift Metals Exploration

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16:11GMT 12Jan2009-Placing, debt deal lift Metals Exploration

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Shares in Metals Exploration (MTL.L) go up as much as 31 percent after the company raises 3.7 million pounds ($5.5 million) in a share placement to help it advance a gold-molybdenum project in the Philippines.

The Pacific Rim-focused exploration and development company says Guernsey-based private equity fund Solomon Capital Ltd will own 30 percent of the company following the placement. It also secures an 8 million-pound debt facility.