Cape Lambert closes $33m offer
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Cape Lambert Iron Ore Ltd has closed its $33 million offering to UK investors.
Cape Lambert, formerly IGL, said it will issue 110 million shares @ $0.30 and 55 million options exercisable @ $0.30 on or before 31 October 2008 pursuant to the prospectus and the private placement to UK investors, in the next few days.
With the final condition of the share sale agreement being satisfied Cape Lambert is now in a position to commence the planning of the bankable feasibility study. This process will commence immediately and take between 12-18 months to complete.
The company said it is also in an ideal position to finalise negotiations with the parties previously announced regarding the off-take agreements. Negotiations are still on-going between the parties, with Cape Lambert confident of making an announcement regarding the Chinese companies involvement in the Cape Lambert Iron Ore Project within the coming week.