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Flinders raises A$9.5M from rights issue for Pilbara iron ore project

Flinders Mines Ltd. said June 7 that it raised approximately A$9.5 million, or 60% of an entitlement offer to raise up to A$16 million through the placement of approximately 290 million fully paid shares at 5.5 cents each.

The entitlement offer was conducted on the basis of 1 share for every 11 shares, resulting in the application of 172,771,273 shares.

The company now has 3,366,951,446 shares issued.

Proceeds will facilitate the metallurgical drilling and analysis program planned as part of the Pilbara iron ore project, located in Western Australia, maturation phase, expected to be completed by the end of October.