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Labrador Iron Mines Holdings Ltd Announces CAD25.2 Million Underwritten Equity Financing

Friday, 18 Jan 2013 10:44am EST 

Labrador Iron Mines Holdings Ltd announced that in connection with its previously announced amended overnight marketed public offering on January 17, 2013, it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including RBC Dominion Securities Inc., Scotia Capital Inc., Macquarie Capital Markets Canada Ltd., Jennings Capital Inc. and Raymond James Ltd. to sell 24,000,000 units of the Company at a price of CAD1.05 per Unit for aggregate gross proceeds of CAD25,200,000. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company at an exercise price of CAD1.35 per common share for a period of 36 months following the date of closing of the Public Offering. The Company has also granted the Underwriters an over-allotment option to purchase up to 3,600,000 additional Units, exercisable at any time up to 30 days after and including the closing of the Public Offering at the Offering Price for additional gross proceeds of up to CAD3,780,000. The Company intends to use the net proceeds from the Public Offering to fund pre-stripping, mining, and processing costs, including payments to LIM's mining contractors, and transportation costs, including tariff payments to TSH and QNS&L, in connection with the seasonal resumption of production operations in April 2013. 

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