Nov 8 (Reuters) - Moly Mines Ltd MOL.AX :
* It has increased its offer for Gulf Alumina Limited
* Moly's increased offer is of a$0.63 cash or a$0.46 cash plus 1.14 moly shares
* Metro has entered into a bridging loan agreement with its largest shareholder, Greenstone Resources
* Moly considers that its proposal is superior to offer made by Metro Mining Limited
* Metro's offer, to be funded using wholly borrowed funds
* Participation in cash only option to be subject to total amount of consideration payable by moly under increased offer not exceeding a$42 million Source text for Eikon: Further company coverage: MOL.AX