Fresh from entering a strategic partnership with BC Iron, Cleveland Mining has completed a $10.7 million share placement.
Cleveland announced it had completed a private placement of 16.9 million shares, priced at 62 cents each.
As part of the placement and an agreement announced earlier this week, BC Iron will take 8.8 million shares priced at 64.2 cents, to tip in $5.64 million.
Earlier this week, the two companies announced a strategic joint venture alliance to focus on the acquisition and development of iron ore projects in Brazil.
The funds will be used for facilities and equipment at the Premier Gold mine in Brazil, including the construction of a processing plant and general working capital.
“The company is very pleased to have BC Iron as a significant participant in this placement as a strategic JV partner to co-develop new iron ore projects in Brazil,” Cleveland managing director David Mendelawitz said.
“The company will now be moving forward with stage 2 at the Premier gold mine.”
Cleveland stocks last traded at 65 cents.