Gindalbie completes $209m equity raising

Gindalbie Metals has completed the final stage of its $209 million equity raising, placing a $75 million in shares.

The company issued over 111 million shares at 67 cents each to its major shareholder Ansteel, with Ansteel now holding a 35.86 per cent interest in Gindalbie.

Following the placement Gindalbie’s cash reserves stand at $315 million, enabling it to make the required equity contributions to its joint venture company Karara Mining Limited to underpin construction of the Karara iron ore project.

Gindalbie’s managing director Tim Netscher thanked Ansteel for its ongoing support of Gindalbie and the Karara project.

Gindalbie shares were down 2 cents to 47 cents at close today.