Western Desert raises $12m for Roper Bar

Western Desert Resources has announced it has completed a $12 million share placement to fund further exploration and development of its Roper Bar iron ore project in the Northern Territory.

The placement, at 30 cents a share, was issued to Permat Holdings, a private company controlled by Billabong International director Scott Perrin and Bruce Mathieson.

Permat was also issued with 10 million options, exercisable within 30 months at 50 cents per option.

As part of the transaction, Western Desert said Mr Perrin has been appointed to its board as a non-executive director.

"Mr Perrin's appointment delivers additional contracting, legal and commercial expertise to the Western Desert board and coincides with the lodgement of notices of intent with the Northern Territory government to progress mining and infrastructure development activities at its 100 per cent owned Roper Bar and Mountain Creek iron ore projects," Western Desert said in a statement.

At 11:00AM (WST) Western Desert shares had lost half a cent, to trade at 30.5 cents.