Rio Tinto Limited (RIO) said it received valid acceptances representing almost 97% of the total number of shares the mining giant offered in the rights issue announced last month. The company announced that the Rio Tinto plc rights issue closed for acceptances at 11.00 a.m. London time on Wednesday, 1 July.

Rio Tinto said the new shares are expected to commence trading fully paid on the London Stock Exchange on Thursday, 2 July and expects the results of the rights issue would be announced on Friday, 3 July.

The rights issues consisted of a 21 for 40 rights issue of 524,460,478 new Rio Tinto plc shares at 1,400 pence per share and a 21 for 40 rights issue of 150,015,297 new Rio Tinto Limited Shares at A$28.29 per share.

Rio Tinto said that in accordance with their underwriting obligations in respect of the Rio Tinto plc rights issue, Credit Suisse and J.P. Morgan Cazenove would be seeking subscribers for the remaining shares.

At close of trade yesterday, Rio Tinto shares were trading at $51.60.