Radar cancels rights issue, hopes to amend purchase terms
PERTH (miningweekly.com) – ASX-listed junior Radar Iron was looking to amend the sales agreement of its Yerecoin project buy, after the company was forced to abandon a A$4.6-million rights issue.
In September this year, Radar announced its plans to raise A$5.5-million through a rights issue and share placement. Some 26.1-million shares were placed to investor Victory Mining, raising A$900 000.
The company had also hoped to raise A$4.6-million through a fully underwritten one-for-one renounceable issue, priced at 3.5c a share.
Proceeds from the placement and rights issue would have fund the remaining A$2.9-million in payment obligations for the acquisition of the Yerecoin magnetite project, in Western Australia.
However, Radar told shareholders on Wednesday that the underwriter had terminated its obligations under the rights issue, after one of the conditions precedent to the underwriting, was defeated.
The company was now in discussions with the Yerecoin vendors, and with shareholder Victory, in the hopes of completing a mutually satisfactory agreement o vary the payment and financing terms for the Yerecoin acquisition.
Radar was looking at a phased development for Yerecoin, with initial production targeted at 250 000 t/y of high-quality magnetite concentrate, using a small-scale production plant for an estimated capital cost of A$35-million.
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