The company had placed the remaining 14.7 million shares priced at $0.03 each, or $0.44 million.
Along with the $1.2 million placement, the funds will be used to progress a range of alternatives to realise value from its wholly-owned Agbaja iron ore project in Nigeria.
This will also meet the holding cost of the project, which has an Ore Reserve of 205 million tonnes at 45.7% iron, enough to support a minimum 21 year mine plan under its Pre-Feasibility Study, as well as general working capital purposes.
The partially underwritten one for five entitlement offer had included one free option exercisable at $0.08 expiring on 31 May 2017 for every share subscribed.
Its PFS had established Agbaja as an economically robust and technically viable project with average operating costs of US$42.98 per tonne concentrate FOB, estimated pre-tax NPV of US$420 million (at a 12% discount), an IRR of 23.7% and CAPEX estimate of US$497 million.
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