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Alderon Iron Ore Corp AXXDF

Alderon Iron Ore Corp is a Canada based development-stage company. It is conducting iron ore evaluation activities related entirely to its Canadian properties located in western Labrador in the province of Newfoundland and Labrador. The company's operating segment is the acquisition, exploration, and evaluation of mineral resources. Its flagship project is the Kami Iron Ore project located in the Labrador Trough.


GREY:AXXDF - Post by User

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Post by SuperBrownManon Jan 09, 2013 1:35pm
162 Views
Post# 20815961

good news

good news

https://www.reuters.com/finance/stocks/ADV.TO/key-developments/article/2520204

Alderon Iron Ore Corp Concludes Definitive Agreements With Hebei Iron & Steel Group for Strategic Partnership

 
 

Friday, 13 Apr 2012 07:00am EDT 

Alderon Iron Ore Corp announced that it has signed a definitive subscription agreement dated April 13, 2012 with Hebei Iron & Steel Group Co., Ltd. China's steel producer. Hebei will make a strategic investment into both Alderon and its Kama iron ore project in an aggregate amount of CAD194 million, in exchange for 19.9% of the outstanding common shares of Alderon (the Private Placement) and a 25% interest in a newly formed limited partnership that will be established to own the Kama Project. The parties have also agreed upon the terms of all other material agreements governing the relationship between Hebei and the Company and Hubei's agreement to purchase iron ore concentrate produced at the Kama Project (the Definitive Agreements). The Definitive Agreements will be executed on closing of the Private Placement. Pursuant to the Subscription Agreement and the Definitive Agreements, the entire CAD194 million of investment proceeds from Hebei will be used for the exploration and development of the and other relevant corporate expenses of Alderon. Hebei agrees to use its best efforts to assist in obtaining project debt financing for the Kama Project from financial institutions, including Chinese banks. In addition, Alderon and Hebei will be required to contribute to capital expenditures for the development of the Kama Project not covered by initial capital contributions and project debt financing, in accordance with their respective interests. 

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