A condition of the Equity Raising is a minimum raising of
The proceeds from the Equity Raising are intended to provide funding for working capital to strengthen Metro's balance sheet until the NAIF funding decision and Metro FID for Stage 2 Expansion. Funding in excess of the Minimum Raise will defray equity requirements for the business until the commissioning of Stage 2 Expansion and potential operating losses beyond CY 2021. Metro's largest shareholder, Greenstone (19.67% interest), is supportive and has committed to take up its proportionate interest in the Placement and its entitlement under the Entitlement Offer in full (an investment of up to
Metro's senior secured lenders have agreed a package of deferred debt repayments, as announced on
Entitlement Offer details
Eligible institutional investors will be invited to participate in the accelerated institutional component of the Entitlement Offer (Institutional Entitlement Offer), which is expected to close on Friday,
The Retail Entitlement Offer will include an uncapped top-up facility under which Eligible Shareholders who take up their entitlement in full under the Retail Entitlement Offer will be invited to apply for additional New Shares not taken up by the Closing Date. There is no guarantee that applicants under this top-up facility will receive all or any of the additional New Shares that they apply for under the top-up facility.
The Entitlement Offer is non-renounceable and entitlements will not be tradeable on ASX or otherwise transferable. Eligible Shareholders who do not take up their entitlements will not receive any value for those entitlements that they do not take up. Shareholders who are not eligible to receive entitlements will not receive any value for the entitlements they would have received had they been eligible.
Further information in relation to the Retail Entitlement Offer will be sent to Eligible Shareholders in the form of a Prospectus (Prospectus) and accompanying personalised entitlement and acceptance form, which are expected to be dispatched on Thursday,
Important information
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in
Forward- looking statements can generally be identified by the use of forward-looking words such as 'may,' 'should,' 'expect,' 'anticipate,' 'estimate,' 'scheduled' or 'continue' or the negative version of them or comparable terminology. Any forecasts or other forward looking statements contained in this announcement are subject to known and unknown risks and uncertainties and may involve significant elements of subjective judgment and assumptions as to future events which may or may not be correct. There are usually differences between forecast and actual results because events and actual circumstances frequently do not occur as forecast and these differences may be material. Metro does not give any representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward-looking statements in this announcement will actually occur and you are cautioned not to place undue reliance on forward-looking statements.
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