PERTH (miningweekly.com) – Junior Fe Limited will raise A$5.5-million through a share placement to fast-track its iron-ore projects in Western Australia and the Northern Territory.
The company this week reported that it had received firm commitments from sophisticated and professional investors for the placement of 123.4-million shares, at a price of 4.5c each.
The shares will be placed under the company’s existing placement capacity.
“We are pleased with the strong support for the raising and welcome several significant Australian institutional investors to our register,” said Fe Limited executive chairperson Tony Sage.
“Post this placement, the company has a cash balance in excess of A$10-million which fully funds us to deliver the Wiluna West JDW project. We are making good process on the JWD approval and development project streams and look forward to updating the market as milestones are ticked off in the coming weeks.”
Funds raised will also go towards evaluation works on the Yarram iron-ore project, in the Northern Territory, including further resource drill out, project approvals and milestone payments.