Ann: $5 Million Funding Secured , page-2

Not sure about the below conditions, but like the company....pig iron prices have been shot, but they will return.

Sydney - Wednesday - Dec 17: (RWE Australian Business News) -
Indo Mines Ltd (ASX:IDO) has executed a term sheet with Anglo Pacific
Group PLC (ASX:AGP) for a $5m financing facility.
Funds from this facility will be used for:
* continuation of the feasibility study works, including
environmental and social studies, metallurgical testing, infrastructure
planning and marketing research;
* acquisition of additional iron sands properties; and
* securing a coal supply through either an offtake agreement or
outright acquisition of a resource.
Indo Mines managing director Mr Phil Welten said, "This is an
extremely pleasing result for the company and shareholders.
"This raising, given the current market conditions, underscores
the quality of the project.
"Indonesia is now well-established as a low-cost producer of
bulk commodities, providing the project with an inherent competitive
advantage to supply liquid iron well below current market rates.
"Having secured the first Indonesian contract of works in 10
years, we now have a very exciting 2009 ahead of us as we continue to
progress the project's development and look to substantially increase it
in scale."
The conversion price for the $5m facility is 50c a share and
carries a coupon of 8pc per annum, payable quarterly in arrears.
The coupon is payable via the issue of Indo Mines ordinary
shares, based on a 10pc discount to the 30-day volume-weighted average
price, or by cash at the discretion of Indo Mines.