NSL Consolidated says it has successfully completed a $4.3 million equity raising to fund ongoing development and exploration at its Indian iron ore mines.
NSL said today a 5.5 cents per share placement to sophisticated investors raised $2.189 million, while a 1:8 renounceable rights issue at the same price raised $2.145 million.
Patersons Securities acted as lead manager for both the placement and the rights issue, which it also underwrote.
“The company intends to use the funds raised to support the development of the Kurnool Beneficiation Strategy which will process low grade iron ore mines in Kurnool (Andhra Pradesh, India), plus take on additional off-take supply from the significant low grade iron ore mines in the Cuddpah basin, which is currently unusable by these mine owners,” NSL said in a statement.
“In addition, funds will be applied towards exploration on NSL’s recently acquired Queensland coal exploration permits.”
NSL’s stock slid quickly today, closing down 13.75 per cent to 6.9 cents.
