IronClad Mining in Trading Halt Pending Capital Raising

By Joel ScanlonFeb 14 2012

IronClad Mining has entered into a trading halt until Thursday as it awaits a capital raising. The funds from the proposed capital raising will be used to begin production at its magnetite iron joint venture project in Australia.

IronClad Mining had announced that an offtake agreement has been secured for the iron ore that it would produce at its Wilcherry Hill project. As it stands today 50% of the annual iron ore production from the Wilcherry Hill project has already been pre sold. The production of iron ore is to begin in March 2012 at the Wilcherry Hill project.

Another company which has been given a trading halt by the Australian Securities Exchange is Richmond Mining. The halt is pending an announcement on a capital raising and board restructuring, with the company’s shares placed in pre-open.

There has been no concrete data on the capital raising but Richmond Mining is targeting extension on the iron resource it has at its Buena Vista project. The company has reviewed the historical drilling and data of the Section 5 target known to have good potential. The Buena Vista Iron Project in the US is now in an advanced state of pre development. It is situated 450 km north east of San Francisco in the rural area of Nevada.