Labrador Iron Mines to raise $110 million in equity financing
Labrador Iron Mines (TSE:LIM), a Toronto-based iron ore company, said Tuesday it is looking to raise $110 million through an equity financing.
Under the offering, the company is issuing eight million common shares at a price of C$12.50 and about 0.67 million flow-through shares at a price of C$15.
The company has also granted the underwriters, led by Canaccord Genuity, an option to buy additional common shares equal to 15% of the shares to be sold under the offering. The option has an exercise price of C$12.50, and expires 30 days after the closing of the deal.
The company said it intends to use the proceeds to upgrade and expand its Silver Yards plant, as well as for mineral exploration and development.
Labrador Iron Mines is focused on the development and mining of direct shipping iron ore in Western Labrador and north-eastern Quebec.
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