Sundance Resources in $60m placement

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.

Sundance Resources CEO Giulio Casello said the placement had been oversubscribed and would help introduce the company to the international market.

"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."