Emerging Australian iron ore miner IronClad has announced that it intends to raise approximately AU$7.5 million (US$6.5 million) to commence an early works program and to finalize the definitive feasibility study on Stage One of the Wilcherry Hill iron ore project in South Australia.
The fund raising will be through a renounceable rights issue open to all shareholders at
85 cents a share on the basis of one new share for every five shares held in the company. It is anticipated that the prospectus for the issue will be available on or about June 22,
2010.
Aıstralian Trafford Resources Limited, which owns 50 percent of the current 44 million issued shares in IronClad, intends to participate fully in the funding on the same basis as all other shareholders, the company said.