Australian miner FerrAus Limited announced that it has successfully completed the subscription and iron ore asset acquisition agreement signed with Australia's Atlas Iron in relation to consolidating their iron ore assets in the Pilbara region of Western Australia.
The shareholder approval has been obtained for the subscription agreement between Atlas and FerrAus, proposing approximately $24.3 million for 37.4 million FerrAus shares, $0.65 per share and the purchase of South East Pilbara iron ore assets for approximately 121.8 million FerrAus shares.
As a result of these approvals and all the other conditions satisfied, approximately 159.3 million FerrAus ordinary shares have been allotted to Atlas, representing 38.96 percent of the consolidated company.