Shree Minerals Ltd’s (ASX:SHH) share price surged today after finalising a $2.84 million share placement to Singapore's RBI Investments Pte Ltd at $0.02 per share to meet the working capital needs of the company.
Interestingly, the share placement is at a 122% premium to Shree’s last traded price of $0.009 per share.
The company recently flagged that it was pursuing business development opportunities as well.
Shree Minerals said it was maintaining a close watch over iron markets for an appropriate window to recommence shipments of inventory on hand from its Nelson Bay River Iron Project in the North West Tasmania which is under care and maintenance.
The company has taken steps to move the iron ore inventory at site to Port in preparedness to making shipment which would earn revenues.
The price of iron had fallen sharply towards the end of 2015 and has recovered some part of that fall.
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