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- Shree Minerals (SHH) has received firm commitments to undertake a $3 million share placement
- All up, 250 million shares will be issued to professional and sophisticated investors at 1.2 cents, representing a 16 per cent discount to the 15-day volume-weighted average price
- Subject to shareholder approval, $600,000 will be raised through company directors and major shareholders
- Shree will put the money towards the Nelson Bay River direct shipping iron ore project in Tasmania and fund ongoing exploration at its other projects
- Shares in Shree are up 7.14 per cent and are trading at 1.5 cents
Shree Minerals (SHH) has received firm commitments to undertake a $3 million share placement.
The company entered a trading halt on March 22 but did not disclose how much it intended to raise or what it would do with the funds once received.
All up, 250 million shares will be issued to professional and sophisticated investors at 1.2 cents.
The price represents a 16 per cent discount to the 15-day volume-weighted average price of 1.43 cents.
Settlement of $2.4 million will occur on March 31 while, subject to shareholder approval, $600,000 will be for company directors and major exisiting shareholders.
Shree will seek shareholder approval at the general meeting scheduled for May.
Shree will put the towards the Nelson Bay River direct shipping iron ore project in Tasmania and fund ongoing exploration at its gold, copper and base metals projects.
“The company continues to progress the re-permitting of the Nelson Bay River Iron Project as a priority,” Executive Director Sanjay Loyalka commented.
“This will enable us to consider the decision for recommencement of the mine to produce direct shipping ore iron ore at a historically strong period for producers,” he added.
Shree is up 7.14 per cent and shares are trading at 1.5 cents at 12:36 pm AEDT.
