Australia-based iron ore miner Centaurus Metals has announced that it will raise up to $18 million to accelerate growth at its Brazilian iron ore projects.
The funds will be raised through a $14.4 million share placement at 7.5 cents per share to international and domestic clients of joint lead managers Hartleys Limited and Southern Cross Equities Limited and a $3.6 million share purchase plan to existing shareholders at the same price per share.
Centaurus' managing director Darren Gordon said , "The success of the raising, which was heavily oversubscribed, will enable Centaurus to push ahead with its plans to be producing 3 million mt per annum of high grade iron ore into the domestic steel industry in Brazil by the end of 2013 as well as building a resource base for a potential future export business."