Argonaut acting as Lead Manager has successfully raised A$38 million for Metro Mining Limited (ASX: MMI) (“Metro”) via a two tranche placement to Australian and international institutional investors at an issue price of A$0.135 per share. The placement was heavily oversubscribed with significant demand generated from existing and new institutional investors.
Proceeds from the capital raising in conjunction with $40m of debt facilities, recently arranged by Argonaut, will be applied to fully fund the construction and development of the Bauxite Hills Mine into production.
Commenting on the capital raising, Metro’s Managing Director, Simon Finnis said:
“We are delighted by the success of the Institutional Placement which generated exceptional demand from leading institutional investors. The bookbuild closed quickly and well above target.”
He went on to conclude:
“This Institutional Placement completes Metro’s funding journey. We are fully funded and are now immediately commencing full construction of the Bauxite Hills Mine. Metro will become a leading Cape York bauxite producer early next year.”
Argonaut is delighted to have again supported Metro and played a key role in all of Metro’s financings over the past 2 years. Argonaut looks forward to Metro soon becoming a leading independent bauxite producer and continuing to provide ongoing assistance to the company.
Additional information regarding Metro and the capital raising can be found on the company’s website at www.metromining.com.au.