Very exciting times for Metro Mining (ASX:MMI). We will raise $38 million all equity, at an issue price of 13.5 cents, which is quite a small discount to the market. That really explains that there has been quite a lot of demand for this issue. So, we are excited people are starting to see the merits of our project. The share will be issued in the next few days.
We have been very lucky with our assistance on this. We have Argonaut out of Perth as our lead manager and then Morgans Financial here on the east coast assisting and Tamesis Partners, out of the UK as well helping us out with the book build.
So now we are full funked right through to production. We will use the funds to construct a mine. We will use it to ramp up our operational team and get prepared to run the project, and we will use it for other things like environmental bonds and some interest payments on debt, corporate costs and other bits and pieces along the way.
Our little mine is 100 kilometres north of Weipa. It’s in a well known Bauxite district in northern Australia, so we are very far north Queensland. We are very close to China in regards to ocean freight. We have about 92 million tonnes of Bauxite reserves, which is part of a 144 million bauxite resource.