Highlights
- Institutional Placement to raise up to $15.9 million
- Underwritten non-renounceable entitlement offer to raise approximately $36.5 million
- Up to 419.4 million shares to be issued at a price of $0.125 per New Share
- Equity Raising significantly supported by Metro’s long-term cornerstone shareholder Balanced Property
- Another key milestone for Metro following transformational acquisition of Gulf Alumina Limited (Gulf) late last year
- Equity Raising will enable Metro to maintain development momentum at Bauxite Hills Mine and repay bridge loan facilities which supported the Gulf acquisition
- Post Equity Raising, Metro will be fully funded to a decision to mine for the Bauxite Hills Mine.
- Bankable Feasibility Study (BFS) for Bauxite Hills Mine, incorporating benefits of the Gulf acquisition, to be completed in coming weeks
- Metro rapidly progressing towards becoming Cape York’s leading independent bauxite producer with full project construction on-track to commence H2 2017
Metro Mining Limited (ASX:MMI)(Metro) is pleased to announce the launch of a $52.4 million equity raising to maintain development momentum at its 100% owned Bauxite Hills Mine, and to repay bridge loan facilities which supported the transformational acquisition of project neighbour Gulf late last year.
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