Sundance Resources has entered into a placement agreement to raise $60m from international investors.
Sundance Resources has entered into a placement agreement to raise $60 million from international investors.
The placement will be made within the company's placement capacity and shareholder approval will not be required.
The company said it would use the proceeds of the placement to continue development of its Mbalam Iron Ore project, including funding engineering for early works requirements, value engineering, and establishment of a project management structure.
"We are very pleased with the outcome of the raising which was significantly oversubscribed," he said.
"We are aiming to broaden the reach and exposure of the company to the international investment market ahead of our proposed project financing activities in 2011."