Metro secures A$40 million in debt financing for Bauxite Hills Mine

<p>Australian exploration and mining company&nbsp;Metro Mining Limited today announced that the company has secured debt finance facilities of approximately A$40 million for the development of the Bauxite Hills Mine.</p> <p>The company has selected Sprott Private Resource Lending (Sprott) and Ingatatus AG Pty Ltd (Ingatatus), a related party of Metro&rsquo;s strategic cornerstone shareholder Balanced Property, to provide debt finance facilities.</p> <p><img style="vertical-align: middle; display: block; margin-left: auto; margin-right: auto;" src="http://www.alcircle.com/uploads/images/Metro-Mining-PR-stock-tractor-855x0-c-default.jpg" alt="news" width="448" height="300" /></p> <p>Metro's Managing Director, Simon Finnis, said, &ldquo;We are very pleased to have secured a highly competitive and flexible debt facility led by Sprott, one of the world&rsquo;s leading providers of finance to the natural resource sector.&rdquo;</p> <p>&ldquo;We are also very pleased to maintain the ongoing support from our long term cornerstone shareholder Balanced Property. This debt financing represents another significant milestone and funding component for Metro and will allow the Company to continue its rapid development of the Bauxite Hills Mine.&rdquo;</p> <p>{googleAdsense}</p> <p>The debt financing will replace Metro&rsquo;s existing A$15-million short-term debt facility with Namrog Pty Ltd. The completion of final Debt Financing agreements remains conditional upon a number of conditions, including legal due diligence and permitting. The company expects final agreement to be concluded early in the third quarter of 2017 following the satisfaction of these conditions.</p> <p>Narinder Nagra, Managing Partner of Sprott Resource Lending, commented: "As one of the leading investors dedicated to the natural resource sector, Sprott is excited to partner with Metro Mining to develop the Bauxite Hills Mine. We look forward to working with the management team on one of the premier development assets in Australia.&rdquo;</p>