Ironbark Zinc Limited (ASX:IBG) is making further advances towards developing its world-class Citronen Zinc Project in Greenland.
The company is now entering the financing stage toward developing the advanced and large-scale project with site activities due to start in August this year.
The Citronen data room has been open to potential investors for several months now. There has been an encouraging level of interest in the project from a broad range of investors.
Several site visits will be facilitated this year as part of the due diligence process for potential financiers.
This is expected to include bankers, private equity groups and industrial groups. The site visit is a customary and critical requirement as part of the due diligence process.
Cutfield Freeman & Co. are assisting Ironbark with the overall financing process and are operating as the first contact to manage the potential financing scenarios.
The company recently secured the services of a 30,000-tonne cargo ship to sail to its Citronen project site.
By sailing the ship to the project, Ironbark will validate a commercial shipping route to Citronen, one of the world’s largest undeveloped zinc projects.
Ironbark held about $5.2 million cash with no debt as at the end of the June 2018 quarter.
This places the company in a strong position to aggressively progress the financing and development activities.