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Anglesey holds 15.3% of Toronto-listed Labrador Iron Mines Holdings Limited (TSX:LIM) which is producing high grade hematite from its James pit, one of LIM’s twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec. Production in 2012 and 2013 was 1.7mt of iron ore per annum.
Anglesey is also carrying out...Read more
Anglesey Mining associate confirms C$25.2mln equity financingJanuary 21 2013, 7:40am
It will be underwritten by a syndicate led by Canaccord Genuity, Anglesey revealed in a statement.
As reported last week, LIM will issue the units at C$1.05 each. Each unit consists of one common Labrador share and half of a common share purchase warrant; a full warrant will entitle the holder to buy a Labrador common share at a price of C$1.35 any time up to 36 months after the share offer closes.
LIM has also granted the underwriters an over-allotment option to purchase up to 3.6 mln additional units, exercisable at any time up to 30 days after and including the closing of the offering, to raise up to C$3.78 mln, it said.
LIM intends to use the net proceeds from the offering to fund pre-stripping, mining, and processing costs, including payments to its mining contractors, and transport costs.
The funds will also cover infrastructure expenditures on the Silver Yards processing plant, including the connection to hydro power.
Anglesey holds 19.7% of Toronto-listed Labrador Iron Mines Holdings (LIM) which is producing high grade hematite from its James pit, one of LIM's twenty direct shipping iron ore deposits in western Labrador and north-eastern Quebec.