Mineral exploration and development company, Strike Resources Ltd, will aim to raise $32 million to further develop its Peruvian iron ore projects. Over 13 million shares will be issued at $2.45 per share, through institutional and professional clients of BBY Limited.
Full announcement below:
The Company is pleased to announce the completion of a $32 million share placement to Australian, UK and US based institutional and professional clients of BBY Limited through the issue of 13.051 million shares at an issue price of $2.45. BBY has advised the Company that the issue was heavily over-subscribed, with strong domestic and international support being received. The Company is pleased that that there is now a growing number of significant institutional investors on its share register, who support the Company and its operations moving forward. Placement funds will be used to further develop the Company's Peruvian iron ore projects. The issue was made under the Company's existing 15% placement capacity, without the need for shareholder approval. The Company expects to allot these shares on or about 21 May 2008.
SRK Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
