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Iron Road Ltd Announces Fully Underwritten Capital Raising To Raise $50.7 Million

Wednesday, 12 Jun 2013 07:18pm EDT 

Iron Road Ltd announced a fully underwritten one-for-one non-renounceable entitlement offer (the Entitlement Offer) of new Iron Road shares (New Shares) at an offer price of $0.18 per New Share (Offer Price) to raise approximately $50.7 million (after the costs of the Entitlement Offer). The Entitlement Offer is fully underwritten by two of Iron Road’s major shareholders, and private equity resources funds, being Sentient Global Resources Fund III, L.P. and Sentient Global Resources Fund IV, L.P. (together the Underwriters). Iron Road expects to complete the definitive feasibility study (DFS) for the Central Eyre Iron Project (CEIP) at the end of this year, and intends to proceed to financing, construction and ultimately production thereafter. The Entitlement Offer will provide funding to complete the DFS, as well as enabling Iron Road to continue strategic acquisitions of property to support the combined mining, processing, rail and port operation. Iron Road’s smaller scale Gawler Iron Project (GIP) will also receive a portion of the funds to formally establish, beyond the current scoping study, the potential for shorter term production with lower capital outlay. Iron Road shareholders on the Record Date will be entitled to participate in the Entitlement Offer. Eligible Shareholders will be entitled to acquire one New Share for every existing Iron Road share held on the Record Date. The Entitlement Offer will open on June 25, 2013 and will close on July 16, 2013. 

Company Quote

-0.03 -16.22%
25 Nov 2014