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MACRO METALS LIMITED — Capital/Financing Update 2018
Feb 21, 2018
65283_rns_2018-02-21_3efa8964-4aa9-4afd-adc5-333bdba075e1.pdf
Capital/Financing Update
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22 February 2018
SHARE PURCHASE PLAN
Kogi Iron Limited (ASX: KFE , “ Kogi ”, “the Company ”) is pleased to provide the opportunity to existing shareholders to subscribe for additional shares in Kogi at 10 cents per share, being the same subscription price as the recently completed $2m capital raising.
The offer price represents a 12% discount to the volume weighted average price of the Company’s Shares traded on the Australian Securities Exchange during the 5 trading days immediately prior to the announcement date of this offer.
Funds raised pursuant to the Offer will be used to fund testwork activities, executive recruitment and salary costs, in-country costs and to provide working capital.
The record date for the SPP is 5pm WST on 21 February 2018.
Further details of the SPP will be provided in a subsequent announcement.
For more information, please contact:
Kogi Iron Limited Tel (office): +61 8 9200 3456 Email: [email protected]
About Kogi Iron (ASX: KFE)
Kogi Iron Limited is a Perth-based company with the objective of becoming an African iron ore and steel producer through the development of its 100% owned Agbaja iron ore and steel project located in Kogi State, Republic of Nigeria, West Africa (“Agbaja” or “Agbaja Project”).
Nigeria has substantial domestic demand for steel products, which is currently met largely through imports. The Agbaja project, located on the Agbaja plateau approximately 15km northwest of Lokoja city in Kogi State and approximately 200km southwest of Abuja, the capital city of Nigeria, opens the opportunity for domestic production of steel billets.
The Company holds a land position which covers a large part of the Agbaja Plateau. The Agbaja Plateau hosts an extensive, shallow, flat-lying channel iron deposit with an Indicated and Inferred Mineral Resource of 586 million tonnes with an in-situ iron grade of 41.3% reported in accordance with the JORC Code (2012). This mineral resource covers approximately 20% of the prospective plateau area within ML24606 and ML24607.
| KFE Capital SummaryOrdinary Shares: 612,154,685Unlisted options: 29.8mShare price: $0.115Market capitalisation: $70m | Board of DirectorsDr Ian Burston –Non Executive ChairmanMr Kevin Joseph –Executive DirectorMr Don Carroll –Non Executive DirectorMr Michael Tilley –Non Executive DirectorMr Martin Wood –Non Executive Director | ContactUnit 23, 4 Ventnor Avenue,West Perth WA 6005Tel : +61 8 9200 3456Email:[email protected]W:www.kogiiron.com |
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