Grange raises $11m for Albany mine project

Grange Resources has raised almost $11 million from investors to fund further development of its Southdown magnetite project near Albany and in Malaysia.

The company is seeking approval from shareholders at its AGM today but can scale the placement back to $9.2 million of approval is not forthcoming.

The funds were raised by Shaw Corporate Finance Pty Ltd and BBY.

The company said the funds would be used for activities assocaited with identifying and securing funding for the construction phase of the Southdown project which includes a mine and export facilities near Albany and port and pellet production facilities at Kemaman in Malaysia.

In addition the funds would also be used for the evaluation of new projects and working capital.