Bauxite developer Metro Mining is hoping to raise some A$52-million in capital to maintain the development momentum of its Bauxite Hills mine, in Queensland.
Metro on Friday announced that the equity raising will comprise a share placement of 126.9-million shares to institutional and sophisticated investors, priced at 12.5c each, to raise an initial A$15.9-million, and a one-for-two pro rata nonrenounceable entitlement offer of some 292.3-million shares, to raise a further A$36.5-million.
