Ironbark ZincLtd. said April 1 that it plans to raise up to A$1.5 million frominstitutional and professional investors to continue permitting andpre-developing at its Citronenzinc project in Greenland.

Ironbark plans to issue 47 million shares at 3.2 cents pershare, and expects to close the offering on April 11.

The funds will also be used to update the Citronenfeasibility study, Ironbark Managing Director Jonathan Downes said in thestatement.

In addition, eligible shareholders will be able toparticipate in a share purchase plan to raise A$500,000. Shareholders will beable to purchase up to A$15,000 worth of shares at the same issue price as theplacement.

Ironbark said it has requested a trading halt on the ASX belifted as of March 31.