re: Ann: Non-Renounceable Rights Issue for St... "The Directors of IronClad Mining Limited (ASX:IFE) are pleased to announce a non renounceable rights issue of four million shares for existing shareholders on a one for ten basis at 65c a share to raise $2.6 million towards the fast-tracked, low cost, first phase development of the Wilcherry Hill Iron Ore Project in South Australia."
Hmmnn ... interesting.
This price is higher than the ASX price of IFE at the time of the announcement. There's no mention of this issue being underwritten.
If all IFE shareholders do not take up their entitlement this issue then on my understanding when TRF takes up its entitlement TRF will own more than 50% of IFE.
Hmmnn ... interesting.
Ann: Non-Renounceable Rights Issue for Stage 1 Pr, page-2
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