27/11/2007 - 10:07

BC Iron to raise $9m to develop Pilbara project

27/11/2007 - 10:07

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BC Iron Ltd has agreed to place 5,400,000 shares at $1.70 per share to sophisticated and professional investors, raising $9.2 million before costs.

BC Iron Ltd has agreed to place 5,400,000 shares at $1.70 per share to sophisticated and professional investors, raising $9.2 million before costs.

Funds raised from the placement will be applied to the continuing exploration and development of the Perth-based company's 100%-owned Nullagine Iron Ore Project, located in the Pilbara region of Western Australia.

BC Iron is completing in-fill drilling programs on several key channel iron deposit (CID) prospects within the Nullagine Project and expects to announce an initial JORC compliant resource estimate during the March 2007 Quarter.

The placement, which is to be made pursuant to the "excluded offer" provisions of the Corporations Act, 2001, is being arranged by Cartesian Capital.

The shares issued pursuant to the placement will rank equally in all respects with the existing ordinary shares of the company.

Appendix 3B application for quotation of the new shares will be lodged once all application funds have cleared and allotment of the new shares is completed.

This announcement is that referred to on November 22, 2007, by the company as the reason for a trading halt in its securities and subsequent suspension.

The company has now requested that the suspension be lifted.

 

 

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