By Laura Lutz
Des Moines, Oct. 23 - Iberian Resources Ltd. completed a private placement for A$17.5 million.
The company sold 22.8 million ordinary shares to institutional clients of the lead manager for the placement, Paterson Securities Ltd., for A$0.77 per share.
Under the company's capacity to place 15% of its issued capital, 12.8 million of the shares have already been placed. The remaining 10 million shares will be placed upon shareholder approval.
Proceeds will be used to fund the commissioning and expansion of the Lichkvaz gold project, to secure resources within truckable distance of the Lichkvaz process plant and for exploration at the Lichkvaz and Montemor gold projects.
Iberian Resources is a gold company based in West Perth, Western Australia.
| Issuer: | Iberian Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$17.5 million
|
| Shares: | 22.8 million
|
| Price: | A$0.77
|
| Warrants: | No
|
| Manager: | Paterson Securities Ltd.
|
| Settlement date: | Oct. 23
|
| Stock symbol: | Australia: IBR
|
| Stock price: | A$0.92 at close Oct. 23
|
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