PERTH (miningweekly.com) – Bauxite developer Metro Mining has raised its targeted A$36.5-million through an entitlement offer, priced at 12.5c a share.
The entitlement offer formed part of a larger A$52-million capital raise to fund the development of the Bauxite Hills mine, in Queensland.
Metro on Wednesday said some 60% of the 292.3-million offered shares had been taken up by eligible shareholders, with the shortfall to be taken up in full by the underwriter, and allocated to sub-underwriters.
The new shares under the entitlement offer will start trading on March 27.
Funds will be used to buy long-lead items and grade control items required for Bauxite Hills, as well as environmental bonding required for the start of early works. The funds will also allow for the completion of a bankable feasibility study and final project approvals and will contribute to the full repayment of bridging loan facilities related to the Gulf Alumina acquisition.