BC Iron launches prospectus for $6m cap raising

Perth-based iron ore company BC Iron Ltd has launched its prospectus, aiming to raise $6 million for exploration of its iron ore assets, recently spun off from Alkane Exploration Ltd and Consolidated Minerals Ltd.

The company will issue 24 million shares at 25c each, half of which will be offered to Alkane shareholders under a priority offer.

The offer is not underwritten and oversubscriptions will not be accepted.

BC will be chaired by Anthony Kiernan, with Michael Young serving as managing director. They will be joined on the board by Multi Metal Consultants director Terry Ranstead, Spectrum Metallurgical Consultants principal Steven Chadwick and ConsMin general manager group services Garth Higgo.

The company has appointed Horwath Audit (WA) Pty Ltd as auditor and Horwath Securities (WA) Pty Ltd as investigating accountant to the deal, with Carmichael Capital Markets Pty Ltd serving as corporate adviser.

The offer will open on November 15, with the priority offer closing December 1 and the public offer closing December 8.