MMI 0.00% 5.6¢ metro mining limited

Additional US$20 Million

  1. 1,101 Posts.
    lightbulb Created with Sketch. 225
    METRO MINING SECURES $8.9MILLION FOR BAUXITE HILLS

    I'm delighted announce we have entered into definitive and binding agreements that will see Greenstone Resources make a strategic cornerstone investment of $8.9 million for a 19.9% interest in Metro Mining. See Announcement for details. Greenstone’s investment will take the form of two tranche placements of 105million shares at 8.5 cents per share. This investment price represents a 26% premium to the last closing price of Metro shares.

    The initial placement, which does not require Metro Shareholder approval, will raise $8.058 million via the issue of 94.8 million shares. A second tranche, requiring Shareholder approval, is set to raise $0.867 million via the issue of 10.2 million shares. We plan to call an Extraordinary General Meeting of Shareholders to vote on the 2nd tranche; that meeting should occur late in August this year. Subject to agreement on the terms and conditions,

    Greenstone is also willing to provide up to an additional US$20 Million of follow-on equity funding to support financing our Bauxite Hills Project into development. Metro is firmly focused on commencing mining operations at Bauxite Hills in September 2017, with Greenstone’s involvement and support considerably assisting that process. Their agreement to provide strategic and financial support in the long term shows their committment to the Project and the Company.

    Metro and Greenstone will establish a strong strategic relationship with Greenstone gaining a Metro Board seat and representation on the Bauxite Hills Development Steering Committee. About Greenstone Resouces: Greenstone is a private equity fund specialising in the mining and metals sector. Greenstone invests in post exploration development projects and supports management teams in bringing projects into production.

    The Greenstone team has over 100 years of industry experience in the resource sector, with particular expertise in developing and operating mines globally, including specific expertise in the alumina and aluminium industry.

    More Greenstone Information at www.greenstoneresources.com

    ENVIRONMENTAL APPROVAL PROCESS ON SCHEDULE:

    The Queensland Government Department of Environment & Heritage Protection (DEHP) accepted Metro’s Environment Impact Statement and the period for public submission has recently closed. We are currently preparing our Supplementary EIS Report. Metro believes final determination of the EIS may be achieved early next year, enabling site construction to commence after the wet season, and mining operations to commence in September 2017.

    The Definitive Feasibility Study for the Project is underway.

    I will be presenting at the Noosa Mining Conference on 21 July and welcome the opportunity to meet or speak with you in person. Best regards Simon Finnis | Chief Executive Officer
 
watchlist Created with Sketch. Add MMI (ASX) to my watchlist
(20min delay)
Last
5.6¢
Change
0.000(0.00%)
Mkt cap ! $77.84M
Open High Low Value Volume
5.6¢ 5.8¢ 5.5¢ $84.69K 1.506M

Buyers (Bids)

No. Vol. Price($)
12 1004626 5.5¢
 

Sellers (Offers)

Price($) Vol. No.
5.6¢ 5566 1
View Market Depth
Last trade - 15.58pm 03/03/2021 (20 minute delay) ?
(live)
Last
5.8¢
  Change
0.000 ( 3.57 %)
Open High Low Volume
5.7¢ 5.8¢ 5.7¢ 143270
Last updated 12.22pm 03/03/2021 (live) ?
MMI (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.