Turnaround bauxite miner Metro Mining Ltd (ASX.MMI) is proposing to raise approximately A$20 million by way of a placement of new ordinary fully paid shares at $0.02 per share.
The price represents a 16.7% discount to last close of A$0.024, a 15.4% discount to 5-day VWAP and a 12.7% discount to 10-day VWAP.
Metro Mining is an Australian exploration and mining company based in Brisbane, Queensland. Metro’s flagship project, the Bauxite Hills Mine, located 95km north of Weipa is one of the largest independent projects within the internationally acclaimed Weipa Bauxite region. The Company holds a total tenement package covering approximately 1,900 sq km on Western Cape York. Funds from the capital raise will allow Metro Mining to execute on recently approved brownfield expansion that has been perfectly timed into growing demand for bauxite market as China domestic and Indonesia supply withdraw.
Key facts:
The Placement is available to Australian Sophisticated and Professional Investors only.
The Company is considering undertaking a Share Purchase Plan for eligible shareholders in Australia and New Zealand which will be non-underwritten and capped at A$2.0 million.
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