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Additional Information

Market:	ASX
Sector:	General Mining
EPIC:	SDL
Latest Price:	0.42 (0.00%)
52-week High:	0.54
52-week Low:	0.31
Market Cap:	1,216.45M

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Sundance Resources

Sundance Resources (ASX:SDL) is an Australian-based international iron ore company developing the Mbalam Project in the Republic of Cameroon in central west coast of Africa.

Sundance is advancing a significant exploration program and feasibility studies on the project based on production of 35 million tonnes per year hematite. Sundance is targeting to commence operations in 2012, this forming the basis for developing a global iron ore business.

Sundance Resources raises $4.7m to progress Mbalam Iron Ore Project in Africa

Monday, December 07, 2009

International iron ore company Sundance Resources Limited (ASX: SDL) has raised $4.7 million through a share purchase plan to advance the company's Mbalam Iron Ore Project in Africa.

The shares will be issued at a price of 15 cents per share, the same issue price as the current $85 million placement to institutional shareholders. The second tranche is subject to shareholder approval being received at the Extraordinary General Meeting to be held on 9 December 2009.

Shareholders who participated in the SPP will be issued their new shares on or around 7 December with holding statements expected to be mailed out on or around 11 December 2009.

Sundance Managing Director Don Lewis said all SPP applicants would be issued the amount of the Sundance shares for which they applied, except where applications exceeded the aggregate maximum amount of $10,000 permitted under the two SPPs completed by the Company this year.

“We are pleased with the level of support for the Company shown by our existing shareholders through participation in the SPP, with a total of 1,063 shareholders accepting the offer,” Mr Lewis said.

“Subject to shareholder approval of the second tranche of the current placement, Sundance will have raised a total of $89,692,900 million through the SPP and the placement.

"These funds will be used to complete the Definitive Feasibility Study of the Mbalam Project and associated resource and reserve definition drilling aimed at increasing our inventory of High Grade hematite.

"These activities form a core part of our project financing program for 2010."

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