Metro Mining (ASX:MMI) funds expansion with $45M loan

Metro Mining (ASX:MMI) has funded expansion of its Bauxite Hills Mine to 7 million metric tonnes per annum with a $45M facility from Nebari Partners LLC.

The funds are payable in two tranches over the next six months and will provide Metro Mining with funds to execute the remaining elements of the expansion.

The transaction minimises dilution and maximises value per share for shareholders, offering an NPV/share of ~$0.0681 versus ~$0.0412 if Metro had raised $45M as equity.

Metro Mining says it's finalising project engineering and procurement for the remaining elements of the expansion and expects to announce a Final Investment Decision within 1 month.