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Sydney, Mar 16, 2010 (ABN Newswire) - Iron Road Limited (
ASX:IRD) today announced it has placed 9,623,928 shares at a price of A$0.64 per share, raising total funds of A$6.1M. The shares were predominantly placed to existing institutional investors of Iron Road and new North American based institutional investors. The shares have been issued pursuant to ASX listing rule 7.1.
Highlights
- A$6.1 million raised before costs through 15% placement priced at A$0.64 per share
- Iron Road welcomes two US based institutional investors to the register
- Cornerstone investor The Sentient Group maintains investment
- Proceeds from the raising to fund exploration at the Gawler Iron Project and Resource expansion at Iron Road's 100% owned Central Eyre Iron Project
Iron Road Managing Director, Andrew Stocks, said that the funds raised would primarily be used to complete the company's exploration programme this year.
"We have an aggressive and exciting few months ahead on the exploration front with an ongoing resource expansion drill programme underway at the Central Eyre Iron Project, aimed at meeting our corporate goal of increasing inferred resources of iron ore up to 500Mt in 2010," said Mr Stocks.
"Drilling is also about to commence at the complementary Gawler project, which offers Iron Road the opportunity to potentially develop a direct ship iron ore project, of a similar style to the Koolyanobbing Hematite deposit."
"I would also like to welcome the fresh North American intuitional investors to our register, as well as thank our cornerstone shareholder The Sentient Group for their continued support. I look forward to seeking to maintain the same level of support amongst our new investors as we have enjoyed with The Sentient Group."
"The strong institutional backing Iron Road enjoys from its shareholder base and our continued independence is a key strength of the Company," said Mr Stocks.
Iron Road is sufficiently funded for its planned drilling programmes. In addition to exploration expenses, funds raised will also be used to meet general working capital needs.
ASX:IRD) today announced it has placed 9,623,928 shares at a price of A$0.64 per share, raising total funds of A$6.1M. The shares were predominantly placed to existing institutional investors of Iron Road and new North American based institutional investors. The shares have been issued pursuant to ASX listing rule 7.1.Highlights
- A$6.1 million raised before costs through 15% placement priced at A$0.64 per share
- Iron Road welcomes two US based institutional investors to the register
- Cornerstone investor The Sentient Group maintains investment
- Proceeds from the raising to fund exploration at the Gawler Iron Project and Resource expansion at Iron Road's 100% owned Central Eyre Iron Project
Iron Road Managing Director, Andrew Stocks, said that the funds raised would primarily be used to complete the company's exploration programme this year.
"We have an aggressive and exciting few months ahead on the exploration front with an ongoing resource expansion drill programme underway at the Central Eyre Iron Project, aimed at meeting our corporate goal of increasing inferred resources of iron ore up to 500Mt in 2010," said Mr Stocks.
"Drilling is also about to commence at the complementary Gawler project, which offers Iron Road the opportunity to potentially develop a direct ship iron ore project, of a similar style to the Koolyanobbing Hematite deposit."
"I would also like to welcome the fresh North American intuitional investors to our register, as well as thank our cornerstone shareholder The Sentient Group for their continued support. I look forward to seeking to maintain the same level of support amongst our new investors as we have enjoyed with The Sentient Group."
"The strong institutional backing Iron Road enjoys from its shareholder base and our continued independence is a key strength of the Company," said Mr Stocks.
Iron Road is sufficiently funded for its planned drilling programmes. In addition to exploration expenses, funds raised will also be used to meet general working capital needs.
About Iron Road Limited
Iron Road Limited (ASX:IRD) is an Australia-based company. The Company is engaged in exploration and evaluation of its iron ore ground holdings. Its projects include the Central Eyre Iron project, Gawler Iron project and Windarling Iron project. The Central Eyre Iron Project consists of three distinct prospects: Warramboo, Kopi and Hambidge. The Company focuses on establishing a resource inventory that underpins a 5 to 10 metric tons per annum (Mtpa) magnetite export operation. It contains magnetite-bearing gneiss units with a cumulative strike length. Gawler Iron project includes over ten areas of known iron occurrences, including the Mt Christie deposit. A total of 252 in-situ rock chip and grab samples from 10 localities at the West Gawler project returned an average grade of 53.4% Fe. The Company developed a stage plan of ground work on Windarling project.
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