Metro Mining completes rights issue to fund bauxite mine

<p>Metro Mining has raised $36.5 million in its 1:2 non-renounceable rights issue priced at $0.125 for its100% owned Bauxite Hills Mine located in northern Queensland. The rights issue follows the recently completed placement, which raised $15.9 million taking the total combined amount raised to $52.4 million.</p> <p>Of the 292.3 million shares to be issued in the rights issue, applications were received for circa 60% with the balance being taken up by the underwriter. Settlement of the rights issue is scheduled to take place on Thursday, 23 March 2017.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/bauxite.jpg" alt="News" width="480" height="267" /></p> <p>Metro recently received results from its bankable feasibility study confirming strong financial returns for the Bauxite Hills Mine.</p> <p>The study forecasts life of mine revenue of A$5.7 billion and life of mine EBITDA of A$2.5 billion for a post-tax net present value of A$601 million. The completion of the study also coincides with the ore reserve increase to 92.2 million tonnes.</p> <p>Final environmental approvals are expected by mid-2017 with construction planned to commence shortly thereafter, subject to finance being in place.</p> <p>{googleAdsense}</p> <p>All construction is expected to be completed during the dry season of 2017.</p> <p>Metro shares are trading up 135% over the past 12 months, currently priced at $0.145.</p>