WA's IronClad gets $6m investment boost

Hong Kong based New Page Investments has taken a $6 million share placement in WA-based IronClad Mining, the developer of the Wilcherry Hill iron ore mine in South Australia.

IronClad – which starts work this month on development of the Eyre Peninsula mine – announced today that it had raised $6 million through the placement of 7.5 million shares with Hong Kong-based resources industry investor, New Page Investments.

The agreed price for the placement is 80 cents per share, which represents a premium of 20 per cent on the 10th January 2012 closing price of 66.5 cents for IronClad shares on the Australian Securities Exchange.

IronClad’s executive chairman Ian Finch also advised today that the company was close to formalising another off-take agreement for production from the Wilcherry Hill project.

Mr Finch said negotiations for the additional off-take agreement were expected to be finalised later this week and would involve 50 per cent of all iron ore produced by the IronClad-Trafford Resources joint venture in the first four years of operations.