Flinders to raise A$14.3m for PIOP development
JOHANNESBURG (miningweekly.com) – ASX-listed Flinders Mines on Friday announced a A$14.3-million capital raising to enable it to start on a bankable feasibility study (BFS) and detailed design studies for its Pilbara Iron Ore project (PIOP) in Western Australia.
The funds raised would also be used to conduct further drilling on the PIOP with a view to upgrading the existing inferred resources to an indicated status, and would provide working capital to the company.
The capital raising comprised a placement of about 274-million fully paid ordinary shares at A0.025 a share to raise about A$6.8-million, as well as a fully underwritten 1:7 nonrenounceable entitlements issue to raise about A$7.5-million.
The company stated that the placement had been made to sophisticated and professional investors under Flinders’ existing 15% placement, which meant that no shareholder approval for the proposed issue was required.
It was expected that the placement shares would be issued on March 10, and these shares would rank equally with existing Flinders shares.
The entitlement issue would comprise an offer of about 300-million new shares on the basis of one new share for every seven existing shares, at A0.025 a share.
Moving forward, Flinders said that it would be examining broader funding strategies to finalise the BFS and progress with project development.
“Importantly the company has retained flexibility over future funding options, which may include, among others, presales agreements, offtake agreements, joint venture arrangements, equity funding, debt funding,” Flinders said.
Earlier in the week, Flinders had signed an infrastructure agreement for port and rail access for the PIOP. The company will be a foundation user of the surplus capacity of the Balla Balla Mine Export Facility, which Rutila Resources and Todd Minerals are developing.
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
Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...
VISIT SHOWROOM
EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...
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
