Iron and Vandium in the news today...
With commodities heating up ( lead and zinc and silver up today again)...Looks like Iron and Vanadium are in demand. Do you think RGX has the goods and the prospects? Duh.
China tries to steal a great iron deposit:
"CHINA'S $1.4 billion move on Africa-focused Sundance Resources has sent the target's shares soaring, as the iron ore junior argues the proposal undervalues the company. "
Sundance announced today that Hanlong Mining Investment had advised it last Friday evening that it intended to make a 50-cents-a-share offer for the emerging miner.
Shares in Sundance jumped as high as 28 per cent today as the stock traded hands above the offer price. Sundance stock had pulled back slightly by early afternoon and was 20 per cent higher at 48c.
Chairman George Jones said the board considered that the terms of the offer did not provide adequate value or certainty to Sundance shareholders.
But the company said it would engage in discussions with Hanlong, which has an 18.6 per cent stake in the target, about the terms of its proposal.
Mr Jones said: "At the same time, Sundance will continue to progress its advanced negotiations with potential strategic partners in respect to possible joint-venture, financing and offtake arrangements to develop its Mbalam iron ore project in the Republics of Cameroon and Congo.
Hanlong said the offer price was a 25 per cent premium to Sundance's closing price on Friday.
The Chinese group has been active in Australia and last week made a $145 million bid for uranium hopeful Bannerman Resources, which the target has opposed.
Hanlong also has a 59 per cent stake in Australia's Moly Mines, which is developing the Spinifex Ridge molybdenum project in Western Australia.
Sundance has targeted the end of this year to begin construction on the project, and had flagged late last month that Chinese parties were finalising due diligence on the junior.
The miner further said it was hoping to shortly announce a strategic partner to help develop its iron ore project.
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American Vanadium Closes $3.5 Million Private Placement Financing
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| July 18, 2011 - AMERICAN VANADIUM CORP. (the “Company”) (AVC:TSX-V) is pleased to announce the completion of the non-brokered private placement (the “Offering”) previously announced on June 28, 2011 and July 7, 2011. Upon closing of the Offering, 2,334,667 units (“Units”) were issued at a price of $1.50 per Unit, with each Unit consisting of one common share (a “Common Share”) and one-quarter of non-transferable common share purchase warrant (each whole warrant, a “Warrant”), for gross proceeds to the Company of $3,502,000.50. Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $2.00 each until January 15, 2013. |
Vanadium is growing in importance as an alloying metal used to strengthen steel as well as the emerging uses with mass storage cells and lithium vanadium batteries for renewable energy. The Company’s Gibellini Vanadium Project is unique in its ability to have economic production of vanadium for the steel industry as well as vanadium electrolyte for the mass storage industry.