Hawsons Iron Ltd. has successfully raised $8.8 million through a combination of an Institutional Placement and a Share Purchase Plan (SPP) Offer.
82 individual shareholders subscribed for 5,833,471 new ordinary fully-paid shares under the SPP at a price of $0.077 each, raising $449,172, while institutional investors took up the balance of $550,823.
The funds will be used towards working capital and to fund the Hawsons Iron Project's modified Bankable Feasibility Study (BFS).
The allotment of shares from the SPP and Placement is set to take place on 6 and 8 March 2021, respectively, with no scale back applied.