Merger to form new iron ore company

Alkane Exploration Ltd and the privately-owned Randolph Syndicate will combine their adjoining iron ore exploration tenements with Consolidated Minerals to form a new company, BC Iron Ltd, set to raise $6 million in its IPO. Upon listing, BC Iron will have 54 million shares on issue, with Alkane owning a 16.67 per cent interest and Consolidated holding 27.78 per cent.

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