Metro Mining (ASX:MMI) directors have acquired additional shares...

Metro Mining (ASX:MMI) directors have acquired additional shares in the recent 1 for 7 entitlement issue priced at $0.08 to raise $3.6 million.

Indirect interests of non-executive chairman Stephen Everett acquired 349,257 shares for $27,940.56, taking his total indirect holding up to 2,794,052 shares.

Non-executive director Philip Hennessy acquired 223,215 shares for $17,857.20, increasing his indirect holding up to 1,785,715 shares.

Indirect interests of non-executive director George Lloyd subscribed for 108,431 shares for a total of $8,674.48, taking his total stake up to 867,442 shares, while Lindsay Ward acquired 53,572 shares for $4,285.76, increasing his indirect holding to 553,572 shares.

Direct and indirect interests of Ken Xiao, the alternate non-executive director to Jijun Liu, acquired 6,439 shares for $515.12. This increases his total stake up to 51,491 shares.


Bauxite Hills Project

With the $3.6 million rights issue and $2 million placement completed, the company is well financed to finalise pre-development work on the Bauxite Hills Project at Cape York, Queensland.

The project has a current Mineral Resource of 48.2 million tonnes at 50.2% total Al2O3, 38.4% THA and 6.4% RxSi with product quality similar to the producing Weipa bauxite mine.

It is located in a leading bauxite province with existing nearby infrastructure.

A Pre-Feasibility Study has estimated post-tax NPV of $197 million, an IRR of 88% and a 27 year mine life for a 2 million tonne per annum direct shipping ore operation.