Brockman Mining snares new investment for iron ore projects in Western Australia
Brockman Mining (ASX:BCK)
and China Guoyin have entered into a share subscription agreement
whereby China Guoyin will subscribe for 195,000,000 shares at an
aggregate subscription price of HK$78 million (A$11.3 million).
The
proceeds from the issue will be used for the development of Brockman's
iron ore mining projects in Western Australia and for general working
capital.
In addition, Brockman has entered a separate agreement
with Ocean Line for 292,500,000 Shares at an aggregate subscription
price of HK$117 million.
Proceeds will again be directed towards the company's iron ore operations.
China
Guoyin is an investment holding company, and Ocean Line is a
multinational conglomerate with shipping operations as its strategic
focus.
Both companies are based in Hong Kong, and Ocean Line is an existing substantial shareholder in Brockman.
In July, Brockman entered a binding agreement with Aurizon Holdings (ASX:AZJ) to develop haulage and port solutions for Brockman’s Marillana Project and Ophthalmia Project in the Pilbara.
The
key objective of the agreement is to cooperatively develop and
implement a long term rail haulage and port solution for transporting
and exporting Brockman Australia iron ore.
