Government approves Hebei investmenthttps://in.reuters.com/article/2012/07/08/hebei-invest-idINL3E8I800X20120708
"Hebei Steel said in April that it would invest about C$194 million ($195 million) for a near 20-percent stake in Alderon and a 25-percent interest in Alderon's principal asset known as the Kami project, located in Canada's Labrador Trough.
The deal would also give Hebei the right to buy 60 percent of annual iron ore produced from the Kami project.
The investment has gained approval from the country's top economic planning body, the National Development and Reform Commission (NDRC), Xinhua said, quoting a statement released by the NDRC's branch in Hebei province."
The deal was announced on April 13th, and with the approval coming through should close by July 13th. That's 3 months, pretty darn good.
Next week $88 million should come from Hebei, and another $13 million from Liberty Metals. These investments are happening at a price of $3.42 per share. Spectacular.