Anglesey Mining's 19.7%-owned associate Labrador Iron Mines has announced an equity financing.

The offering will be conducted through a syndicate of underwriters led by Canaccord Genuity.

LIM will also grant the underwriters an over-allotment option equal to 15% of the common shares sold under the offering.

This option will be exercisable at any time up to 30 days after and including the closing of the offering.

LIM intends to use the net proceeds to fund mining, processing and inventory costs, including payments to the LIM's mining contractors, and transportation costs in connection with the resumption of production operations and to supplement working capital and general and administrative costs for the remaining winter season.

At 9:16am: (LON:AYM) Anglesey Mining share price was -1.12p at 10.38p