The company has sold 64.3 million of its MetroCoal ordinary shares, which are each priced at A$0.032.
The transaction will provide Metallica with cash-in-bank of around $2.5m this month as well as additional funds of $580,000 from a R&D tax offset in November 2014.
Metallica managing director Andrew Gillies said: "The sale of Metallica’s interest in MetroCoal is timely as it provides Metallica with immediate additional funding to focus on our core activities at a time where raising funds remains generally difficult for junior mining companies."
As part of the transaction, Gillies will resign from the MetroCoal board.
The company has recently signed a nickel ores sales and royalty agreement with a private firm seeking to extract nickel ore from Metallica’s Dingo Dam Mining Lease, which is part of its Lucky Break Nickel Project.
MetroCoal is focused on thermal coal projects in the Surat Basin region of South East Queensland, where it holds a portfolio of tenements with a resource base in excess of 3.8 billion tons.
