Anglesey Mining's associate Labrador Iron Mines Holdings has completed its public offering for aggregate gross proceeds of C$28,980,000.

A total of 27,600,000 units of LIM, including those issued under the exercise of the over-allotment option, were issued and sold at a price of C$1.05 per unit.

Each unit consists of one common share of LIM and one-half of one common share purchase warrant.

Each warrant will entitle the holder to purchase one common share of LIM at an exercise price of C$1.35 per common share for a period of 36 months following the closing of the offering.

LIM intends to use the net proceeds to fund pre-stripping, mining and processing costs, including payments to LIM's mining contractors, and transportation costs in connection with the seasonal resumption of production operations in April 2013; also to supplement working capital and general and administrative costs for the remaining winter season.

LIM issued 27,600,000 common shares pursuant to the offering and now has 126,200,807 common shares outstanding.

Anglesey has the right to purchase on a non-brokered private placement basis up to 3,000,000 units of one LIM share and one-half of one LIM share purchase warrant at a price of C$1.065 per unit subject to certain conditions.


At 2:26pm: (LON:AYM) Anglesey Mining share price was -0.18p at 9.2p