LIM completes C$28m financing to fund season-start opex
TORONTO (miningweekly.com) – Independently owned Labrador Iron Mines Holdings (LIM) on Wednesday said it has completed a C$28-million public offering to fund the seasonal resumption of production operations in April and general and administrative costs for the remaining winter season.
The company issued a total of 27.6-million shares, including those issued under the over-allotment option, at a price of C$1.05 per unit. Each unit consisted of one common share of the company and half a common share purchase warrant, which would entitle the holder to buy one common share of the company at an exercise price of C$1.35 a share for 36 months following the close of the offering.
The company said it intended to use the net proceeds from the offering to fund prestripping, mining, and processing costs, including payments to LIM's mining contractors, and transportation costs in connection with the seasonal resumption of production operations.
The offering was completed by a syndicate of underwriters led by Canaccord Genuity and included RBC Dominion Securities, Scotia Capital, Macquarie Capital Markets Canada, Jennings Capital and Raymond James.
LIM is Canada’s newest iron-ore producer with a portfolio of direct shipping iron-ore operations and projects located in the prolific Labrador Trough. During the first full production season, which commenced in April, 2012, LIM sold ten shipments totalling about 1.6-million dry tons of iron-ore from its James mine, which is connected by a direct rail link to the Port of Sept-Îles, in Québec.
The company in September said it would defer about $52-million of planned capital investment to this year to preserve its cash resources as iron-ore prices slumped.
The company’s shares traded at 84 Canadian cents apiece on Wednesday on the TSX.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Sulzer South Africa, established in 1922, partners with critical industries like power, oil & gas, water, mining, and chemicals to boost...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
