The Australian "Criterion"

Flinders Mines
(FMS) 0.6c
Junior iron ore plays and capital raisings haven’t been uttered in the same breath for some months, which is why the Pilbara (ever) hopeful’s paltry $825,000 raising evoked our interest.
The funds, by way of a placement, buys time for Flinders, whose one billion tonne Pilbara Iron Ore Project (PIOP) is located next to Fortescue and Brockman ground. PIOP remains “unfeasible for the foreseeable future”, with an iron price of $US70-$US80 tonne needed to kickstart the venture.
While well short of its lows, $US55 a tonne iron ore still doesn’t cut it.
These days $825,000 is barely enough to buy a house in Rooty Hill, but it’s real money that bold subscriber OCJ Investments parted with.
Misty-eyed ferrous followers will recall that Russian interests offered 30c a share ($550m) for Flinders in 2011, but ultimately weren’t good for the roubles.
Last year, Flinders holders voted down a proposal by New Zealand’s Todd Corporation to acquire an option over the project for $10m, with $55m of potential future royalties.
This one’s a (very) speculative punt on the improving iron ore price.
The Australian accepts no responsibility for stock recommendations. Readers should contact a licensed financial adviser. The author does not own shares in the stocks mentioned.