ASX RELEASE - 10 NOVEMBER 2016
ENTITLEMENT OFFER - CLOSING OF OFFER
BC Iron Limited (ASX:BCI) ("BC Iron" or "the Company") refers to its renounceable entitlement offer ("Entitlement Offer") announced on 13 October 2016.
As announced, the Entitlement Offer gives existing eligible BC Iron Shareholders in certain jurisdictions the opportunity to acquire 1 new BC Iron share for every 1 existing share held as at 5:00pm (WST) on Friday, 21 October 2016 at an offer price of $0.13 per new share.
The Company reminds investors that the Entitlement Offer closes at 5.00pm (WST) on Friday, 11 November 2016 and that applications and associated application moneys must be received prior to this time.
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FOR FURTHER INFORMATION: MEDIA ENQUIRIES:
ALWYN VORSTER DAVID TASKER / TONY DAWE
MANAGING DIRECTOR PROFESSIONAL PUBLIC RELATIONS
BC IRON LIMITED TELEPHONE: +61 8 9388 0944
TELEPHONE: +61 8 6311 3400
ABOUT BC IRON LIMITED
BC Iron is an iron ore mining and development company with assets in the Pilbara region of Western Australia, including Iron Valley, Buckland and Nullagine. BC Iron is listed on the ASX under the code 'BCI'.
Iron Valley is a mine located in the Central Pilbara with Ore Reserves of 123.2Mt at 58.8% Fe.1 The mine is operated by Mineral Resources Limited ("MIN") under an iron ore sale agreement, whereby MIN operates the mine at its cost and purchases Iron Valley product from BC Iron at a price linked to MIN's realised sale price. MIN is currently evaluating a range of initiatives that have the potential to improve the long term viability of Iron Valley and its value to both parties.
Buckland is a development project located in the West Pilbara region, comprising a proposed mine at Bungaroo South and its own proposed independent infrastructure solution incorporating a haul road and transhipment port at Cape Preston East. It has Ore Reserves of 134.3 Mt at 57.6% Fe,2 a completed and announced feasibility study, and all primary tenure and licences secured.
Nullagine is an unincorporated 75:25 joint venture with Fortescue Metals Group Limited ("Fortescue"), which commenced exports in February 2011. The Nullagine Joint Venture has the capacity to rail and export up to 6Mtpa of ore on Fortescue's infrastructure. Operations are temporarily suspended due to market conditions. On 10 October 2016, BC Iron entered into a conditional binding terms sheet for the sale of its 75% interest to Fortescue.
BC Iron also has an interest in a number of other exploration stage projects in the Pilbara and potential royalties over the Koodaideri South and North Marillana tenements.
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KEY STATISTICS
Shares on issue:
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196.3 million
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Cash and cash equivalents:
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A$9.5 million
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as at 30 September 2016
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Board:
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Tony Kiernan Alwyn Vorster Martin Bryant Andy Haslam Brian O'Donnell
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Non-Executive Director Chairman Managing Director
Non-Executive Director Non-Executive Director Non-Executive Director
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Major shareholders:
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Wroxby Pty Ltd
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19.0%
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Website: www.bciron.com.au
1: Refer to ASX announcement released on 30 August 2016.
2: Refer to BC Iron's 2015 Annual Report released on 26 August 2015.