LIM Closes $11.25 Million Over-Allotment Option

Labrador Iron Mines Holdings Limited (TSX:LIM) reports the underwriters of the company’s public offering of common shares have exercised the over-allotment option.

The press release is quoted as saying,

The syndicate of underwriters, led by Canaccord Genuity Corp. and including BMO Nesbitt Burns Inc., Jennings Capital Inc., Haywood Securities Inc. and Scotia Capital Inc., elected to purchase 900,000 additional common shares of the Company at the Offering price of $12.50 per share. The Option was granted as part of the Offering which was closed on April 26, 2011. The Company has completed the issuance of shares pursuant to the exercise of the Option and has received gross proceeds of $11,250,000.

For the complete press release, click here.