(MENAFN- ABN Newswire) Perth, Jan 24, 2018 AEST (ABN Newswire) - Ironbark Zinc Limited () () ("Ironbark" or "the Company"), is pleased to announce it has completed a book build for a placement to institutional and sophisticated professional investors to raise up to $6 million at an issue price of $0.062 per share ("Placement").
The Placement will include the issue of up to approximately 96.77 million new shares, pursuant to the Company's capacity with 42,629,401 under ASX Listing Rules 7.1 and 54,144,792 under 7.1A. Settlement of the Placement is scheduled to occur on Tuesday, 30 January 2018.
The strong demand for the Placement reflects the significant market interest in the development of the Company's Citronen Project.
Commenting on the placement, Managing Director Jonathan Downes stated: "We are delighted by the overwhelming interest received for the Placement, reflecting the strong support for Ironbark and our 100% owned world class Citronen Zinc Project. The grant of the Mining Permit and the recent lodgement of the Feasibility Study coincides with a period of growing tightness in global zinc supply and demand dynamics and ongoing rise in the zinc price."
The funds raised pursuant to the Placement will be used primarily to fund the further development of Citronen to advance the financing and development and for general working capital.
Australian financial services firm Patersons Securities Limited acted as Lead Broker to the Placement.
About Ironbark Zinc Limited
Ironbark Zinc Limited () ()is listed on the Australian Securities Exchange and is seeking to become a base metal mining house. Ironbark has an undrawn US$50M funding facility provided by Glencore to expand its project base through acquisition.
Ironbark seeks to build shareholder value through exploration and development of its projects and also seeks to actively expand the project base controlled by Ironbark through acquisition. The management and board of Ironbark have extensive technical and corporate experience in the minerals sector.
The wholly owned Citronen base metal project currently hosts in excess of 13.1 Billion pounds of zinc (Zn) and lead (Pb). For full details refer to ASX announcement 25 November 2014 Citronen Project Resource Update JORC 2012 compliant resource.
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