Ironbark raises cash for Greenland development
PERTH (miningweekly.com) – Base metals developer Ironbark Zinc has completed a bookbuild to raise A$2.5-million to continue its Citronen zinc project, in Greenland.
The ASX-listed junior said on Tuesday that it would place up to 28-million shares, at 9c each, to raise the capital. The placement would be done in one tranche and under the company’s current capacity.
MD Jonathan Downes said the capital raised would progress the permitting and predevelopment preparation work of the Citronen project, adding that the company was delighted by the interest received for the placement, which was four times oversubscribed.
“We have taken a disciplined approach to restrict the size of the raising to minimise dilution to our shareholders, due to our firm view that zinc prices will continue to increase in the face of a looming zinc supply shortage as major global zinc mines are scheduled to close, and as we continue to progress our Citronen project over the coming period.”
The Citronen project has a resource of more than 13-billion pounds of contained zinc and lead metal, and a feasibility study has estimated that the project would require a capital investment of $429.3-million, but could deliver a net present value of $609-million and an internal rate of return of 32%.
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