Metro Mining Limited (ASX:MMI) has launched a $52.4 million equity raising to advance its Bauxite Hills Mine 95 km north of Weipa.
The company also plans to repay loan facilities that supported its recent acquisition of neighbouring Gulf Alumina Ltd (December last year.)
The Gulf takeover resulted in Metro doubling its Direct Shipping Ore Reserve to 96.5 million tonnes. It also gained vital infrastructure including airstrip, haul roads and a port site on the Skardon River.
The $52.4 million equity raising will involve the issue of approximately 419.4 million fully paid ordinary shares at $0.125 per share with a placement of approximately 126.9 million New Shares to institutional and sophisticated investors to raise up to $15.9 million. A one for two pro-rata non- renounceable entitlement offer of approximately 292.3 million New Shares is expected to raise approximately $36.5 million.
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