LABRADOR – The recent equity offer made by Labrador Iron Mines Holdings Ltd. of Toronto raised $71.6 million plus an over-allotment of $9.1 million. LIM intends to use the net proceeds to upgrade and expand its Silver Yard project, purchase rail equipment and upgrade its transportation infrastructure, develop the Houston deposits, and continue exploration.
The recent equity offering included 11.5 million common shares of the company at a price of %5.30 each and 1.75 million flow-through shares at a price of $6.10 each. The over-allotment was 1.7 million common shares, again at a price of $5.30 each.
LIM began production from the James open pit iron mine near Schefferville, QC, in June 2011. The direct shipping ore is crushed and screened at Silver Yard, railed to the port at Sept Iles, QC, and sold as either coarse lump ore or finer sinter feed. The Houston iron deposits are currently the target of environmental assessment and will be developed as part of phase two of the DSO project.
Complete information about LIM and its Schefferville area properties is available at LabradorIronMines.ca.