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Radar Iron In Pre Open Pending Update On Capital Raising

Radar Iron (ASX: RAD) is preparing to update the market on its previously announced capital raising, with the company granted a trading halt by the ASX today.

The company previously announced Shinewarm Resources, the Hong Kong-based investment vehicle of Chinese Xiamen Meize Xinyuan Trading Co, had invested $3.3 million in Radar at a premium price through a share placement.

The capital injection will allow Radar to progress the planned resource upgrade and commence mine development at its Johnston Range Iron Ore Project in Western Australia's Yilgarn region.

Radar is also in discussions with Shinewarm regarding the provision of up to $50 million development capital to fund hematite project development, and purchase 100% of all hematite produced from the company's Central Yilgarn hematite projects.

The halt will last until the earlier of an announcement being made available to the market, or the opening of trade on Thursday 28 June.

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