04/04/2011 - 15:41

Iron Ore Holdings to raise $40 million

04/04/2011 - 15:41

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Iron Ore Holdings has launched a $40 million capital raising to advance drilling programs and technical studies at its Iron Valley, Bungaroo South and other mining projects in the Pilbara.

Iron Ore Holdings has launched a $40 million capital raising to advance drilling programs and technical studies at its Iron Valley, Bungaroo South and other mining projects in the Pilbara.

The company said it would offer shareholders two new shares for every 11 they hold, at $1.60 per share.

The share offer was underwritten by Foster Stockbroking.

Iron Ore Holdings' major shareholder, Kerry Stokes' Wroxby, will contribute more than $20 million to maintain its 50.3 stake in the company.

Wroxby is also participating as a partial sub-underwriter to the offer.

At close of trade today, Iron Ore Holdings had slipped 5.5 per cent, to trade at $1.70.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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