Shares sold at $0.175 each in offering slated to fund working capital
By Devika Patel
Knoxville, Tenn., Feb. 3 – Nevada Iron Ltd. said it will raise $1.5 million in a private placement of stock.
The company will sell common shares at $0.175 per share.
Settlement of the first tranche is expected Feb. 6.
Proceeds will be used for permitting, execution of key contracts and general working capital purposes.
“These funds are essential for Nevada Iron to maintain the momentum the company has achieved in the permitting and development of the Buena Vista project,” executive chairman Mick McMullen said in a press release. “As with most startup mining projects, funding the early stages of the project is a major step in its development. It allows the company to continue its permitting activities, to retain key personnel and maintain good vender relations.
“We are confident iron ore prices will recover and this funding enables the company to be in a position to advance the project to meet this market recovery.”
The iron explorer is based in Perth, Australia
| Issuer: | Nevada Iron Ltd.
|
| Issue: | Common shares
|
| Amount: | $1.5 million
|
| Price: | $0.175
|
| Warrants: | No
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 6
|
| Stock symbol: | Toronto: NVR
|
| Stock price: | C$0.18 at close Feb. 2
|
| Market capitalization: | C$5.99 million
|
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