A Hong Kong investment company has invested $3 million for an 11% stake in Champion Iron Mines (TSX: CHM; US-OTC: CPMNF) and its portfolio of iron ore properties in the Labrador Trough. In a private placement earlier this month, Baotou Chen Hua Investments acquired 15 million units of the iron ore exploration and development company at a subscription price of 20 cents per share. Each unit consists of one common share and one common share-purchase warrant, with an exercise price of 25 cents for two years. Champion will use the proceeds to continue the feasibility study and technical work on its Consolidated Fire Lake North project in Quebec's Fermont iron ore district.
展开▼
