MONTREAL – Consolidated Thompson Iron Mines has entered into an agreement with a syndicate of underwriters to raise US$200 million in a bought deal financing. Closing is scheduled for Nov. 29, 2010. An over-allotment option of up to US$30 million is also available.
Consolidated Thompson will use the bulk of the net proceeds to fund the work necessary to produce a feasibility study for the development of its Lamelee-Peppler iron property.
The company began shipping iron ore concentrate from its first producer, the Bloom Lake mine, in July 2010. The Lamelee-Peppler project was acquired with Quinto Mining in June 2008. The Lamelee deposit has indicated resources of 641.7 million tonnes, and the Peppler 239.1 million tonnes. What may be Consolidated Thompson’s second iron ore mine is located near Fermont, QC.
Read the most recent corporate presentation at www.ConsolidatedThompson.com, in the “Investors” section.