Path to production paved with $26M
10th Jul 2012
JULY 10 – Centaurus Metals is aiming to raise $A26M to strengthen its balance sheet as it forges ahead to iron ore production in Brazil.
The capital raising comprises a $15.2M share placement to major shareholder Atlas Iron and an $11M share placement to Liberty Metals & Mining Holdings under a subscription agreement.
Liberty Metals will have a 12.95% interest in Centaurus following the two-tranche share placement.
Atlas Iron will invest a further $5.2M to maintain its 19.85% interest in Centaurus.
Funds raised through the two placements will underpin ongoing exploration and development at the company’s projects in Brazil.
This includes Jambreiro in Minas Gerais, southeast Brazil, where a prefeasibility study showed potential for a financially and technically robust project.
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