By Devika Patel
Knoxville, Tenn., Oct. 21 - Flinders Mines Ltd. said it plans a A$23.2 million private placement of shares. It also plans a 1-for-7 non-renounceable rights issue at A$0.13 per share to raise an additional A$29.6 million.
In the private placement, the company will sell 160 million ordinary shares at A$0.145 apiece.
Euroz Securities Ltd. is the agent.
Proceeds will be used to fund a rapid progression to mining at the company's flagship Delta project and to complete a bankable feasibility study of its Pilbara iron ore project in Western Australia.
Flinders Mines is a mineral exploration company based in Norwood, Australia.
| Issuer: | Flinders Mines Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$23.2 million
|
| Shares: | 160 million
|
| Price: | A$0.145
|
| Warrants: | No
|
| Agent: | Euroz Securities Ltd.
|
| Pricing date: | Oct. 21
|
| Stock symbol: | Australia: FMS
|
| Stock price: | A$0.155 at close Oct. 21
|
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