Sign up Australia
Proactive Investors - Run By Investors For Investors

South American Iron & Steel Corporation in discussions with Jiangsu

South American Iron & Steel Corporation in discussions with Jiangsu

ASX-listed South American Iron & Steel Corporation (ASX: SAY) has raised $942,392 via a placement of 23,559,804 shares at $0.04 per share to sophisticated investors.

An additional placement of up to $1 million at $0.04 per share will be made to sophisticated investors subject to shareholder approval.

The company has in place conditional funding agreements with sophisticated investors to raise more funds via a placement and loan issue.

The loan instruments to be issued to sophisticated investors will have a value of $557,608. These will automatically convert to fully paid ordinary shares at $0.04 per share upon shareholder approval based on the acquisition of the remaining 90% interest in the Quince Project and the conversion of the loan instruments to shares.

In a statement, the company said it is still in discussions with Jiangsu Changqiang Iron & Steel Co., regarding an offtake agreement.

South American Iron & Steel currently operates iron sands projects in Ecuador and Chile, with onshore and offshore tenements totalling 129,354 hectare. The company's objective is to beneficiate the sands to valuable heavy metals (VHM) and become a fully integrated producer of steel, titanium slag and vanadium.

 



Register here to be notified of future SAY Company articles
View full SAY profile

South American Iron & Steel Timeline

Newswire
April 20 2015

Related Articles

Nickel
April 10 2017
Strategic Minerals has a diversity of assets, including the Cobre magnetite operation in New Mexico and the Redmoor tin and tungsten project in Cornwall
picture of steel mine
April 07 2017
Company has just agreed to spend the best part of £12mln on the Vametco vanadium mine next door to the company’s own deposit at Brits
1-19327052345_bc81a69e58_o.jpg
November 18 2016
Anglesey is the owner of the Parys Mountain underground zinc-copper-lead-silver-gold deposit in Wales, where it is updating earlier scoping and economic studies.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use