International Base Metals
A$30m Strategic Placement by Heilongjiang Heilong Resources Investment Co.
On 13 December 2012, International Base Metals Limited (IBML), an Australian public unlisted company with copper development assets in Australia and Namibia, announced the signing of a subscription agreement whereby Heilongjiang Heilong Resources Investment Co. (Heilong) agreed to a A$30 million placement in IBML at an issue price of 20 cents per share. A significant portion of the funds raised will go towards development of the Omitiomire Copper Project, IBML’s flagship asset in Namibia.
The transaction was subject to a number of conditions, including approval from non-associated shareholders of IBML, which was received in January 2013. Payment of funds took place in two equal tranches in April and June 2013.
Azure acted as corporate adviser.