Metallica Minerals raises A$2.5m for Urquhart bauxite project

<p>According to news on Mining Weekly, Metallica Minerals, an Australian bauxite developer, has raised about A$2.5-million in a renounceable rights issue to finance the commissioning of its Urquhart bauxite&nbsp;project in north Queensland. &nbsp;</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/649.jpg" alt="news" width="517" height="226" /></p> <p>The Urquhart&nbsp;project is estimated to produce around 1.5-million to 2-million tonnes per annum of direct shipping bauxite. The commencement of first production operations are anticipated in the mid of 2017.</p> <p>At a price of 5.2c each, one new share&nbsp;was offered for&nbsp;every four shares held. Investors obtained a free listed option with an exercise price of 8.5c each.</p> <p>{googleAdsense}</p> <p>Around 43 million shares were taken up under the rights issue that was closed on April 7 with a further 6.6-million options, expiring at the end of June this year, also being exercised.</p> <p>Metallica said that the company&rsquo;s largest shareholder&nbsp;Jien Mining was not able to participate in the issue even though it had intention to do so.</p> <p>In December 2016, Metallica Minerals Limited&nbsp;announced the completion of an independent pro-feasibility study (PFS) for its Urquhart Bauxite project.</p>