Century Global Commodities Corporation (TSE:CNT) has announced that its special purpose vehicle, Joyce Direct Iron Inc (JDII) is seeking to list on the Australian Securities Exchange after raising A$2 million.
JDII owns the Joyce Lake DSO iron ore project in Canada, where Century is listed.
In a statement calling the completion of the financing a “key milestone”, Century said that JDII is hoping to list to facilitate the project’s development through permitting and towards a production decision.
READ: Century Global Commodities provides update on plan to spin out the Joyce Lake DSO Iron Ore Project
Joyce Lake is located in Newfoundland and Labrador, close to the town of Schefferville, Quebec which is serviced by a rail link directly to ocean shipping iron ore ports at Sept-Iles. Century believes the project can be brought to production within approximately 30 months.
“I’m very pleased that the quality of our Joyce project and Canada as a mining jurisdiction has attracted key strategic investors with extensive Australian iron ore investment experience and network,” Century CEO Sandy Chim said in a statement.
“Achievement of this milestone adds credibility and market acceptance of Canadian iron ore assets in the Australian capital market and is a foundation for a successful ASX listing,” he added.
The financing saw JDII issuing just over 20 million shares priced at A$0.10 to a group of private investors, putting the company’s valuation at around A$20 million. The private placement shares represent 9.09% of the outstanding shares.
Century owns 200 million JDII shares and 40 million performance preferred shares convertible into one share upon completion of certain milestones.
Hong Kong-based Century Global is primarily a resource exploration and development company with a large portfolio of multi-billion tonne iron ore projects in Canada.
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