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Champion Iron completes acquisition of Bloom Lake iron ore mine in Quebec


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Champion Iron completes acquisition of Bloom Lake iron ore mine in Quebec

Champion Iron Ltd.said April 11 that it completed the acquisitionof the Bloom Lakeiron ore mine and related assets, and the QuintoMining Corp. mineral claims in Quebec.

Company subsidiary Québec Iron Ore Inc. entered the acquisitionagreement in December 2015 with affiliates of Cliffs Natural Resources Inc. — Cliffs Québec Iron MiningULC, Bloom Lake Mine Iron Ore LP, Bloom Lake Railway Co. Ltd. and Quinto MiningCorp.

The acquisition was funded via a private placement of up to , including the issueof 187.50 million ordinary shares at 16 Canadian cents per share.

Ressources QuébecInc., on behalf of the government of Quebec, invested C$14 million inQuébec Iron's share capital, and subscribed for C$6 million in Champion's sharecapital.

Ressources Québec now holds a 36.8% equity interest in QuébecIron, with Champion owning the remainder.

Ressources Québec was also granted 6 million compensation optionsof Champion, with each option exercisable for a common share at 25 Canadian centsper share until Feb. 1, 2020.

The companies are still in discussion over a possible C$6 millionterm loan from Ressources Québec, on its own behalf, to Champion.