Cleveland Mining completes share placement

Australia-based Cleveland Mining Company has announced that it has completed a private placement of approximately 16.9 million new ordinary shares raising approximately $10.7 million before costs.
 
The company will issue approximately 8.1 million new ordinary shares at $0.62 per share to raise approximately $5.03 million.  
 
As part of this placement, Australian iron ore development company BC Iron will take approximately 8.8 million new ordinary shares, representing five percent of the total ordinary shares on issue in Cleveland Mining for approximately $5.64 million under the terms of the strategic alliance between the companies aiming to acquire new iron ore projects in Brazil, as previously reported by SteelOrbis.