Australia's Metro Mining falls most in 7 months on bridging loan

Metro Mining

20/04/2022 04:47

** Shares of exploration and mining company Metro Mining Ltd
 MMI.AX  fall as much as 13.9% to A$0.031, set for worst day in
seven months, if losses hold
    ** Co says it drew a A$5 mln ($3.71 mln) short-term bridging
loan with Greenstone Resources II (Australia) Holdings LP and
Lambhill Pty Ltd to assist in managing working capital
    ** Loan timing attributed to the Ukraine conflict impact
such as increase in fuel prices, and continuing COVID-19 fallout
such as delay in shipments from China
    ** The six-month loan is at a rate of 14% coupon,
capitalised monthly and to be paid on maturity
    ** Stock posts biggest intraday pct fall since Sept 20, 2021
    ** About 14.6 mln shares change hands, compared with the
30-day average volume of 6.4 mln 
    ** Metro stock up 89.5% this year, as of last close
     ($1 = 1.3495 Australian dollars)

 (Reporting by Anan Ashraf)
 ((Anan.Ashraf@thomsonreuters.com))