Argonaut as Lead Manager has been successful in raising of A$52.4 million for Metro Mining Limited (ASX: MMI) (“Metro”) to Australian and international institutional and professional investors via a combined placement and 1:2 fully underwritten non-renounceable entitlements offer at an issue price of A$0.125 per share.
Proceeds from the capital raising will be applied to maintaining the development momentum for its Bauxite Hills Mine by enabling the ordering of long lead time items, providing environmental bonding so early works can commence, the completion of BFS and final project approvals and by providing general working capital. The funds will also be used to repay bridge loan facilities provided by Greenstone that supported the transformational acquisition of Gulf Alumina.
Commenting on the Placement, Metro’s Managing Director, Simon Finnis said “We are delighted by the success of the Institutional Placement which attracted very strong support from leading institutional investors. We are also pleased Greenstone has chosen to participate to fullest extent possible to maintain its stake.
We welcome the new high quality Institutional investors to Metro’s register and look forward to their and our existing shareholders support as we continue to progress the exciting Bauxite Hills Mine toward production.”
Argonaut is delighted to have again supported Metro and looks forward to providing 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.
