Argonaut acted as Lead Manager to successfully raise $20.0 million at $0.20 per share for Metro Mining Limited (ASX: MMI) (“Metro” or “the Company”). Due to being a heavily oversubscribed bookbuild the quantum of the Placement was upsized from $17.5 million by $2.5 million to raise a total of $20.0 million. The Placement received strong support from existing shareholders as well as major domestic and international institutions.
Funds raised from the Placement were used to strengthen the Company’s balance sheet flexibility, to ensure a strong working capital position was maintained during the ramp up of production from the Company’s 100% owned Bauxite Hills Mine.
Argonaut continues to maintain a close working relationship with the Company and looks forward to providing the Company with ongoing support as it seeks to achieve its corporate objectives.
Additional information regarding Metro can be found on the company’s website at www.metromining.com.au.