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|New Millennium Closes $23.5-M Private Placement With Tata Steel|
Canadian New Millennium Capital Corporation ("NML") announced October 9 that further to its announcement on October 1, 2008 (vide TEX Report of October 3 issue), NML has closed the private placement whereby it issued 26,143,556 common shares in the capital of the Company at a price of $0.90 per common share to Tata Steel Global Minerals Holdings Pte Ltd of Singapore, raising aggregate gross proceeds of $23,529,200. |
NML informs that the net proceeds from the private placement will be used by the Company primarily to develop the DSO Project through a feasibility study to be completed in the second quarter of 2009.
Following completion of the feasibility study, a joint venture company will be established, which will explore and operate the DSO Project. Tata Steel will have an 80% stake in the project and the right to take 100% of the products from the project. NML plans an annual production of iron ore at the rate of 4.0 million tons by 2010.
NML is developing the project in Newfoundland Labrador in the northeastern region of Canada. It has besides LabMag Project in development.
|last modified : Fri 17 Oct, 2008 [11:12]|