PERTH (miningweekly.com) – Bauxite miner Metro Mining has completed a bookbuild to raise A$17.5-million to strengthen the company’s balance sheet.
The institutional placement has been priced at 20c a share, and due to strong demand, the placement was upsized by A$2.5-million.
Shareholder Greenstone will participate in the placement to maintain its 19.8% stake in Metro through its anti-dilution rights.
MD Simon Finnis said the strong response from existing shareholders and new investors in Metro’s equity raising was pleasing.
Finnis said the raising would strengthen the company’s balance sheet strength and flexibility, ensuring a strong working capital position during production ramp-up and product sale negotiations at its Bauxite Hills mine.