$8.14 m placement to underpin Brockman growth

08 December 2007 | 03:49 Code : 16163 Geoscience events
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Brockman Resources has reached agreements for the placement of 7,750,000 of the....

  Brockman Resources has reached agreements for the placement of 7,750,000 of the company’s shares at $1.05 per share, predominantly to both domestic and international financial institutions, with proceeds of the placement to predominantly fund ongoing development of Brockman’s Marillana Iron Ore Project, located in the Pilbara region of Western Australia.Brockman said it would use the funds to accelerate drilling and exploration at Marillana in order to achieve its previously announced growth objectives, along with the completion of the Scoping Study, the commencement of a Pre-Feasibility Study, and detailed exploration of other iron ore tenements within the company’s portfolio.Paterson’s Securities Limited (acting as Lead Manager) undertook the share placement, which is to be made pursuant to the ‘excluded offer’ provisions of the Corporations Act, 2001.Brockman’s Managing Director, Wayne Richards said: “I am very pleased that investor interest in the share placement was so positive, with the calibre of the institutions which participated providing a strong indication of the level of support for the Marillana Iron Ore Project and the company’s business strategy.”Brockman Resources recently announced an initial JORC-compliant Indicated Mineral Resource of 43.5 million tonnes at 57.6% Fe (63% calcined Fe grade) for the North-West Sector at Marillana. The company has reported that drilling is continuing to increase this resource inventory and is testing other exploration prospects within its portfolio.

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