29/04/2009 - 11:01

Sundance raises $11m for iron project

29/04/2009 - 11:01

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Sundance Resources has raised nearly $11 million through a share purchase plan as talks continue with potential strategic partners for the Mbalam iron ore project.

Sundance Resources has raised nearly $11 million through a share purchase plan as talks continue with potential strategic partners for the Mbalam iron ore project.

The raising comes on the back of last month's $5 million placement to coal baron Ken Talbot, who will hold a 22 per cent stake in Sundance once shareholder approval is received.

Sundance today said it had raised $10.76 million through 2,996 shareholders.

Shares were priced at a discounted eight cents apiece. Sundance's share price climbed 0.1 cents to 9.1 cents at 12:38 AEST.

BBY was the underwriter for $5 million of the share purchase plan.

"Subject to shareholder approval of the placement to Talbot Group Investments Pty Limited, Sundance will have raised a total of $15.757 million through the SPP and the placement," managing director Don Lewis said.

"These funds will be used to progress the development of the Mbalam Project whilst discussions proceed with potential strategic partners in the project."

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