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Metro Mining secures A$8.9M private equity funding for Bauxite Hills for 19.98% stake in company

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Metro Mining secures A$8.9M private equity funding for Bauxite Hills for 19.98% stake in company

Metro MiningLtd. has secured funding of A$8.9 million from Greenstone ResourcesII LP by giving the latter a 19.98% interest in the company.

The company will use the funds to advance its flagshipBauxite Hillsbauxite project in Queensland, Australia, according to the July 11 statement.

As part of the deal, Greenstone will nominate arepresentative to Metro's board as well as a representative on the Bauxite Hillsdevelopment steering committee.

Mining and metals private equity fund Greenstone will alsoprovide strategic support and a conditional commitment for additional financialbacking of up to US$20 million for development at Bauxite Hills.