BC Iron raises cash to fund project hunt
PERTH (miningweekly.com) – Junior BC Iron has announced a one-for-one pro-rata renounceable entitlement offer aimed at raising A$25.5-million to support its new strategy following the divestment of its 75% interest in the Nullagine iron-ore project, in Western Australia.
Under the offer, eligible shareholders will be invited to subscribe for new shares priced at 13c each.
The offer price represented a 39.5% discount to the closing price of BC Iron shares on October 10, and a 37.2% discount to the 30-day volume-weighted average price of BC Iron shares.
Major shareholder Wroxby has committed to take up its entitlement of some A$4.9-million, and underwriting has been secured for the balance of about A$20.6-million through Patersons Securities and Foster Stockbroking.
Wroxby has also agreed to sub-underwrite A$11-million of the underwritten amount.
The company told shareholders on Thursday that funds raised under the offer would support BC Iron’s new strategy and strengthen the company’s balance sheet.
The funds raised would be used to pursue strategies to develop a robust development case for the overall Buckland mining and infrastructure project, and position Cape Preston East as an attractive port for the West Pilbara region.
Funds would also go towards positioning the company to selectively evaluate and potentially transact on new opportunities in both the iron-ore and non iron-ore spaces, with a strong value proposition and near-term earnings potential.
The junior on Monday announced that it had sold its stake in the Nullagine project to joint venture partner Fortescue for A$1.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
