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Sherwin Iron seeks to raise up to $2.02 million via non-renounceable rights issue  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 04/02/2013

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(MENAFN - ProactiveInvestors - Australia) Sherwin Iron (ASX:SHD) is looking to raise up to 2.02 million via a non-renounceable non-underwritten rights issue, the proceeds of which will be used to further develop its Roper River iron ore project in the Northern Territory.

The company is also likely to raise a further 6 million upon completion of negotiations to issue a convertible note.

The rights issue are being offered at an issue price of 0.09 a share, with the record date for the entitlement on 13 February 2013.

The funds will be used to complete approvals and prepare for the extraction and shipping of a bulk sample of 200,000 million tonnes starting in April 2013.

 






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