Fortbridge Media ReleaseInternational Base Metals Limited [IBML] - IBML secures A$30m cornerstone investment from Heilong International Base Metals Limited (IBML) is pleased to announce that Heilongjiang Heilong Resources Investment Co. Ltd (Heilong) has signed a binding Subscription Agreement to subscribe for A$30 million in the share capital of IBML, at an issue price of 20 cents per share.
Heilong is a privately owned Chinese mining company with copper and gold operations named Baoshan, Tongshan and Duobaoshan, located in Heilongjiang Province, China.
Payment under the Transaction will take place in two tranches:
$15 million on or before 15 March 2013; and
$15 million on or before 14 June 2013
The precise use of funds will be agreed by the IBML board in due course. Likely use of proceeds include:
establishing an Omitiomire Phase 1 oxide copper mining and processing operation
expanding the JORC compliant Omitiomire resource and / or regional drilling
selective farm-ins to other exploration assets in Namibia and the region; and general working capital.
Please see the attached announcement for more details.
For further information, please contact:
Frank Bethune
Managing Director
Telephone: +61 421 446 121
Email:
Ryan Rockwood
Email:
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