is undertaking a non-brokered private placement for gross proceeds of up to $5 million at a price of $0.15 per unit. The private placement consists of up to 33,333,333 units. The Company is also seeking a strategic partner to advance the Block 103 Project.
As quoted in the press release:
Each Unit will be comprised of one common share and one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.20 for a period of 24 months from the date of issue. Insiders will subscribe up to a maximum amount of $2.5 million. The Company intends to use the net proceeds of the Offering to continue to advance its Block 103 Project with a 2013 drilling program and to seek a strategic partner.
Key to the Company’s efforts in searching for a strategic partner is Mr. Mark Morabito, Special Advisor to the Chief Executive Officer of Cap-Ex. Mr. Morabito was appointed to this role in June 2012 to assist the Company in advancing the Block 103 Project. Mr. Morabito, as Executive Chairman of Alderon Iron Ore Corp., was instrumental in Alderon’s signing of an Off-take and Partnership Agreement with Hebei Iron and Steel Group (“Hebei”) last year, culminating in last week’s announcement that Hebei had completed the remaining cash contribution of its initial $182.2 million investment.
Cap-Ex Iron Ore Ltd. President and CEO, François Laurin, said:
We have made rapid progress, from completing a 22,300 metre drill program in 2012 to last month’s announcement of a 7.2 billion tonne inferred iron resource and positive metallurgical results. With Mark’s success at Alderon, and the recent closing of their Hebei transaction, now is the time to leverage his expertise and experience to assist Cap-Ex in taking the next step forward in securing a strategic partner.
Click here to read the Cap-Ex Iron Ore Ltd. (TSXV:CEV,OTCQX:CPXVF,FWB:XOV) press release
Click here to see the Cap-Ex Iron Ore Ltd. (TSXV:CEV,OTCQX:CPXVF,FWB:XOV) profile
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1838.90 | +7.89 | |
Silver | 21.51 | +0.37 | |
Copper | 3.77 | +0.02 | |
Palladium | 1930.50 | +53.50 | |
Platinum | 916.00 | +5.00 | |
Oil | 107.47 | -0.15 | |
Heating Oil | 4.22 | -0.03 | |
Natural Gas | 6.08 | -0.14 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.