By Devika Patel
Knoxville, Tenn., Nov. 16 - Heron Resources Ltd. said it has reached an agreement with BHP Billiton for a A$17.25 million private placement of shares. The deal will be conducted in two tranches.
The company will sell a total of 15 million shares at A$1.15 per share. In the first tranche, Heron will issue 12 million shares as soon as it receives payment for the shares. The remaining 3 million shares will be issued upon approval from Australia's Foreign Investment Review Board.
Proceeds will be used to complete the company's Jump-up Dam Trial Mining and Demonstration project, to conduct the Jump-up Dam definitive feasibility study and for nickel sulphide and laterite exploration and general working capital..
Heron is a mineral exploration and development company based in West Perth, Western Australia.
| Issuer: | Heron Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$17.25 million
|
| Shares: | 15 million
|
| Price: | A$1.15
|
| Warrants: | No
|
| Investor: | BHP Billiton
|
| Pricing date: | Nov. 16
|
| Stock symbol: | Australia: HRR
|
| Stock price: | A$1.08 at close Nov. 16
|
|
|
| First tranche
|
| Amount: | A$13.8 million
|
| Shares: | 12 million
|
|
|
| Second tranche
|
| Amount: | A$3.45 million
|
| Shares: | 3 million
|
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