Iron Road raises funds for Cape Hardy port
PERTH (miningweekly.com) – ASX-listed Iron Road has announced plans to raise more than A$13-million through a one-for-seven non-renounceable entitlement offer.
The company on Thursday said that more than 99-million shares would be issued, at a price of 14c each, on the basis of one new share for every seven existing shares held by eligible shareholders.
The offer price represented a 20.6% discount to the 30-day volume weighted average share price of Iron Road for the period ending November 2, and an 18% discount to the company’s 15-day volume weighted average share price.
Iron Road noted that the company’s largest shareholder Sentient Fund IV had undertaken to fully participate in the entitlement offer, taking up more than 61.8-million shares, with the funds raised to retire A$8.7-million of the A$9-million debt owed to Sentient.
The company’s directors have also committed to fully participate, meaning that some A$9-million of entitlements have been received from eligible shareholders.
Proceeds from the capital raise will be used to fund Iron Road’s share of the Cape Hardy Stage 1 port development costs, to maintain the Central Eyre iron project mining lease, and to repay debt and fund corporate expenses.
The planned export facility at Cape Hardy is designed to be South Australia’s first Capesize-capable port, and will be developed over a number of stages. The Stage 1 port will be predominantly used for grain export, with third party access for the import and export of various other commodities.
The port is planned to have an initial shiploader capacity of 70-million tonnes a year.
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