Junior bauxite miner Metro Mining (ASX:MMI) has received subscriptions for $6.6 million under its latest share purchase plan (SPP), which was targeting $4 million.
The SPP, which closed on 24 May, follows a $40 million placement to domestic and international institutional investors at the same issue price of $0.041.
Metro says it has decided to scale back applications, but will accept oversubscriptions up to $5 million.
The company plans to use the combined $45 million to repay $39 million worth of debt and for working capital.
Queensland-based Metro Mining produces bauxite from its Bauxite Hills Mine north of Weipa.
The company shipped a record 4.6 million wet metric tonnes of bauxite in 2023, and is aiming to increase that to between 6.3 million and 6.8 million wet metric tonnes this year.
Write to Angela East at Mining.com.au
Images: Metro Mining
