Bauxite developer Metallica Minerals has raised some A$2.5-million in a renounceable rights issue to fund the commissioning of its Urquhart bauxite project, in far north Queensland, with first production targeted for the middle of this year.
Under the rights issue, one new share was offered for every four shares held, at a price of 5.2c each. With every two new shares subscribed for, investors received a free listed option with an exercise price of 8.5c each.
