Metro Mining
(ASX:MMI) has firmed up a $40 million debt financing facility and has started drawing it down.
The Australian explorer and miner with its flagship Bauxite Hills mine in Queensland, selected Sprott Private Resource Lending and Ingatatus as preferred debt providers following a global tender process.
Metro Mining says it is now fully funded and focused on developing its key project and becoming a leading independent producer of Bauxite, with first production marked for Q2 2018.
The company says the debt financing arrangement follows the company’s oversubscribed institutional placement for $38 million.
Shares in Metro Mining
(ASX:MMI) are trading 3.03 per cent higher to $0.17
