Todd lifts Rutila shareholding

New Zealand-based Todd Corporation has more than doubled its interest in aspiring Pilbara iron ore miner Rutila Resources to 46 per cent, by electing to convert a $5 million loan into ordinary shares.

Rutila said it would issue about 39.9 million shares to Todd, adding to 16 million shares Todd already holds in the iron ore hopeful.

In February, Rutila negotiated a $10 million loan facility from Todd, comprising two equal tranches.

Both tranches could either be converted into fully paid ordinary shares in Rutila, or into increased direct ownership of assets held by the Balla Balla joint venture in the Pilbara.

Ruttila drew down the first $5 million tranche in July.

Rutila’s share price closed unchanged at 17 cents per share.