significant secondary sale of its shares, page-19

WSJ article:

Cape Lambert Resources chairman Tony Sage certainly isn’t suffering the January blues.

Cape Lambert is poised to announce the secondary sale of 65 million shares, or nearly 10% of the Africa-focused iron ore miner, to five U.K.-based institutional investors following Mr. Sage’s visit to London last week.

The stock is being sold in one go by a single Cape Lambert shareholder, and signals that Mr. Sage’s message to U.K. fund managers that Sierra Leone will become a new province for iron ore production appears to be gaining traction.

The company received a timely boost on Jan. 24 when U.K.-listed London Mining, which owns a deposit close to Cape Lambert’s flagship Marampa asset in Sierra Leone, raised US$90 million via a placement that was heavily oversubscribed.