BC Iron raises funds for share acquisition in Nullagine JV

Australian iron ore producer BC Iron Limited has announced that it has completed a fully underwritten institutional placement of ordinary shares to raise approximately A$47 million.
 
BC Iron will use the proceeds from the placement to partially fund the acquisition of an additional 25 percent interest in the Nullagine iron ore joint venture from Australia-based miner Fortescue. BC Iron also plans to use the funds to increase the capacity available to the Nullagine project on Fortescue's rail and port facilities to 6 million mt per year.
 
Settlement of the placement is expected to occur on December 17, 2012, with the new shares expected to be allotted and to commence trading on the Australian stock exchange on December 18, 2012.