##{"id":98604,"date":"2021-12-10T15:40:00","date_gmt":"2021-12-10T04:40:00","guid":{"rendered":"https:\/\/www.fnarena.com\/index.php\/2021\/12\/10\/ironbark-raises-4m-to-continue-citronen-project-finance-activity-in-2022\/"},"modified":"2021-12-10T15:40:00","modified_gmt":"2021-12-10T04:40:00","slug":"ironbark-raises-4m-to-continue-citronen-project-finance-activity-in-2022","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2021\/12\/10\/ironbark-raises-4m-to-continue-citronen-project-finance-activity-in-2022\/","title":{"rendered":"Ironbark Raises $4m to Continue Citronen Project Finance Activity in 2022"},"content":{"rendered":"<p><span class=\"xn-location\">PERTH, Australia<\/span>, Dec. 10, 2021 \/PRNewswire\/ &#8212; Ironbark Zinc Limited (<b>&#034;Ironbark&#034;, &#034;the Company&#034;<\/b> or <b>&#034;IBG&#034;<\/b>) is pleased to update its shareholders with respect to its recently completed capital raise.<\/p>\n<p><b><u>Highlights <\/u><\/b><\/p>\n<ul type=\"disc\">\n<li>Very strongly supported capital raise completed with <span class=\"xn-money\">$4 million<\/span> in firm commitments received for the issue of 90,909,091 fully paid ordinary shares at <span class=\"xn-money\">$0.044<\/span> per share <b>(Placement)<\/b> <br \/>&#8211; The Placement price was at a 2% discount to the 5-day VWAP to close of trade on Monday 6 December, <b>a 1% premium to the 10-day VWAP and a 5% premium to the 20-day VWAP<\/b> <\/li>\n<li>The Placement is in a single tranche, from existing 7.1 placement capacity, and will settle on Thursday <span class=\"xn-chron\">16 December 2021<\/span> <\/li>\n<li>Funding now in place to proceed with post PPL (Phase 2) Due Diligence with US EXIM and advance the Citronen Project Strategic Equity process <\/li>\n<\/ul>\n<p>IBG Managing Director <span class=\"xn-person\">Michael Jardine<\/span> commented: <\/p>\n<p><i>&#034;Ironbark is now closing 2021 in an excellent position with an EXIM PPL in hand and funding in place to further advance our key value drivers early in 2022. <\/i><\/p>\n<p><i>There was huge demand bid into the book yesterday, in a strong validation of the Company&#8217;s now advanced financing strategy to get Citronen into production. I am pleased to see certain of our larger existing shareholders add to their position, including IBGs largest shareholder in UK based Bennelong Resource Capital, as well as welcoming several new institutional shareholders to the register. <\/i><\/p>\n<p><i>The timing of this raise, with the holiday season looming, was important in giving the business certainty to proceed at pace in converting the opportunities we have in front of us, and I look forward to updating shareholders with further progress in the New Year.&#034;<\/i> <\/p>\n<p><b>Use of Funds<\/b> <\/p>\n<p>The proceeds of the Placement will be used for Phase 2 due diligence with US EXIM, whereby Ironbark is responsible for funding both its own and EXIMs costs, to fund the upcoming strategic equity process and for general working capital purposes. <\/p>\n<p><b>Placement Details<\/b> <\/p>\n<p>The Placement Shares will fall within the Company&#8217;s placement capacity under ASX Listing Rule 7.1, and the Placement Shares issued will rank equally with Ironbark&#8217;s existing shares quoted on the ASX. <\/p>\n<p>The Company is expected to settle the Placement on <span class=\"xn-chron\">16 December 2021<\/span> and quotation of the Placement Shares is expected to take place on <span class=\"xn-chron\">17 December 2021<\/span>. Pending the successful completion of the Placement, Ironbark will have 1,299,687,446 shares on issue. <\/p>\n<p><b>Advisors <\/b><\/p>\n<p>Morgans Corporate Limited acted as Lead Manager to the Placement and Bacchus Capital Advisors acted as Financial Advisor to Ironbark. <\/p>\n<p><b>Voluntary Suspension<\/b> <\/p>\n<p>This is the announcement referred to in the Voluntary Suspension Request dated <span class=\"xn-chron\">9 December 2021<\/span>.<\/p>\n<p><b><u>Further Details<\/u><\/b> <\/p>\n<p>This notice is authorised to be issued by the Board. Please contact Managing Director Mr. <span class=\"xn-person\">Michael Jardine<\/span> for any further inquiries on either <a target=\"_blank\" href=\"mailto:mjardine@ironbark.gl\" rel=\"nofollow\">mjardine@ironbark.gl<\/a> or +61 424 615 047. <span id=\"spanHghlte871\"><span class=\"xn-person\">Angela East<\/span>, <\/span><a target=\"_blank\" href=\"mailto:angela.east@mcpartners.com.au\" rel=\"nofollow\"><span id=\"spanHghltb700\">angela.east@mcpartners.com.au<\/span><\/a><span id=\"spanHghltf13e\">, +61 428 432 025<\/span><\/p>\n<p>  <\/p>\n<p>Related Links :<\/p>\n<p>https:\/\/ironbark.gl\/<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PERTH, Australia, Dec. 10, 2021 \/PRNewswire\/ &#8212; Ironbark Zinc Limited (&#034;Ironbark&#034;, &#034;the Company&#034; or &#034;IBG&#034;) is pleased to update its&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[105],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/98604"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=98604"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/98604\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=98604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=98604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=98604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}