Media mogul Kerry Stokes has injected $7 million into explorer Iron Ore Holdings as investigations continue over the possible acquisition of its Iron Valley project by Rio Tinto.
In a notice to the Australian Securities Exchange, Mr Stokes', through a private investment vehicle, lifted his stake in IOH from 50.37 per cent to 53.07 per cent.
The increase was through the exercise of 7 million options at $1 each. The options were due to expire on April 30 2011.
The option exercise comes a week after IOH and Rio Tinto independently hired accounting firms to help with the acquisition process of the Iron Valley project, located near one of Rio Tinto's major mining operations in the Pilbara.
In December, both parties had entered into a six-month exclusivity period for negotiations over the project.
Both companies also have a mine gate sale agreement whereby IOH will sell ore from its Phil's Creek project in the Pilbara.
Yesterday, Deloitte said IOH was one of three standout share price performers for the month of January, with its share price surging 40.9 per cent.
Today, shares in IOH dipped one cent to $2.33 at 14:24 AEDT.
