Raises $0.97 million via Share Purchase Plan
Perth, Oct 30, 2013 AEST (ABN Newswire) - Australian based iron ore development company, Kogi Iron Limited (
ASX:KFE) ("Kogi Iron" or the "Company") is pleased to announce it has raised $0.97 million via the Share Purchase Plan ("SPP") announced on 25 September 2013. The SPP enabled existing eligible shareholders to purchase up to $15,000 of fully paid ordinary shares in the Company at a price of $0.09 per share, free from all brokerage and commission. The SPP closed at 5pm WST on Friday 25 October 2013.
Kogi received SPP applications from existing eligible shareholders for 10.8 million new ordinary shares and total funds of $0.97 million.
Kogi Managing Director Iggy Tan said: "The response by our current shareholders and the amount raised from the SPP is outstanding. The recent communication strategy and re-engagement of our current shareholder base has added positive momentum to shareholder support moving forward. The Kogi Iron Board wishes to acknowledge the support of shareholders in the SPP."
The SPP was announced following a successful $1.2 million share placement ("Placement") on 25 September 2013. Funds raised from both the Placement and the SPP shall be applied to the completion of the Agbaja Project Scoping Study and for general working capital purposes. The Company remains on track to announce the results of the Agbaja Project Scoping Study by the end of first quarter 2014.
In accordance with the SPP timetable, the SPP shares will be allotted on Friday 1 November 2013 and holding statements will be issued on Monday 4 November 2013.
About Macro Metals Limited
Macro Metals Limited is an ASX-listed company (ASX:M4M) with the intent to build a cast steel plant on the Agbaja Plateau in Kogi State, Nigeria. The project will utilise company leased iron ore deposits and will supply a cast steel feedstock to steel manufacturing and product fabricators in Nigeria and overseas.
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