Iron ore producers have been preparing for a downturn in Chinese demand this year as a result of growing concerns of China's slowdown in economic growth. Iron ore prices dropped to multi-month lows Monday as Chinese consumers deferred or have defaulted on coal and iron ore shipments. The Paragon Report examines investing opportunities in Iron Ore [...]
Labrador Iron Mines Holdings is pleased to provide an operations and status report for the first six weeks of the 2012 production season. After the successful re-start of full-scale mining operations at our 100%-owned James Mine on April 2, we are pleased to announce that LIM's first shipment and sale of iron ore has been recorded in 2012.
Labrador Iron Mines Holdings Limited reports that its 2012 mining season commenced at the James Mine on April 2, 2012 and full scale mining operations are now underway. On April 4, 2012 the first loaded iron ore train departed Silver Yards for the Port of Sept-Iles travelling over the TSH and QNS&L railways
Labrador Iron Mines Holdings Limited is pleased to announce that it has received environmental approval and project release from the Government of Newfoundland and Labrador for its Houston iron ore mining project in Western Labrador. On March 26, 2012, the Minister of Environment and Conservation informed LIM that, in accordance with the [...]
Labrador Iron Mines Holdings Limited announces that it has completed its previously announced public offering of C$60,950,000 in common shares and C$10,675,000 in flow-through shares of the Company, at a price of C$5.30 per common share and C$6.10 per flow-through share. The Offering was completed by a syndicate of underwriters led by Canaccord [...]
(the 'Company' or'LIM') announces that in connection with its previously announced overnight marketed public offering on February 28, 2012 (the 'Offering'), it has entered into an underwriting agreement with a syndicate of underwriters led by Canaccord Genuity Corp. and including Jennings Capital Inc., Octagon Capital Corp., RBC Capital Markets, Haywood Securities Inc., Scotia Capital Inc., Paradigm Capital Inc. and Raymond James Ltd. (the 'Underwriters') to sell 11,500,000 common shares of the Company (the 'Common Shares') at a price of C$5.30 per Common Share and 1,750,000 flow-through shares (the 'FT Shares', and together with the Common Shares, the 'Underwritten Shares') of the Company at a price of C$6.10 per FT Share, for aggregate gross proceeds of C$71,625,000.
The Company has also granted the Underwriters an over-allotment option to purchase up to 1,725,000 additional common shares (the 'Over-Allotment Common Shares'), exercisable at any time up to 30 days after and including the closing of the Offering at a price equal to the offering price of the Common Shares of C$5.30 per share for additional gross proceeds of up to C$9,142,500.
The Company intends to use the net proceeds from the Offering for upgrades and expansion of its Silver Yards project, additional rail equipment and upgrades of its transportation infrastructure, development of its Houston project, exploration of the Company's mineral properties, and for general corporate and working capital purposes.
The Offering is being made pursuant to a short form prospectus filed in each of the provinces of Canada other than Quebec. The Offered Securities are not registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Labrador Iron Mines Holdings Limited (LIM)
LIM is engaged in the production and development of its 100% owned Schefferville Area direct shipping iron ore (DSO) properties in the Labrador Trough of western Labrador and north-eastern Quebec. The Company commenced production from the James Mine in June 2011, following the successful construction and commissioning of the mine and Silver Yards processing plant earlier in the year, and recorded its first sales of iron ore in the fall of 2011.
LIM contemplates mining in stages. The first phase of Stage 1 comprises the James Mine and the Silver Yard processing plant which is connected by a rail spur to the main Schefferville to Sept-Iles railway. Through a phased expansion program, LIM plans to grow its iron ore production through the subsequent development of adjacent deposits. Stage 2 comprises the development of the Houston deposits, which is currently undergoing environmental assessment and planning.
Cautionary Statements:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of iron ore and steel, general market conditions, the uncertainty of future profitability and access to additional capital, risks inherent in mineral exploration and risks associated with development, construction and mining operations, delays in obtaining or failures to reach agreements with any potentially impacted aboriginal groups or to obtain required governmental, environmental or other project approvals. There can be no assurance that the Company will be successful in reaching any agreement with any First Nations groups who may assert aboriginal rights or may have a claim which affects the Company's properties or may be impacted by the Schefferville Area project. Caution should be exercised on placing undue reliance on forward looking information.
(the 'Company' or'LIM') announces that it has filed a preliminary short form prospectus in connection with an overnight marketed public offering (the 'Offering') of the Company's [...]
TORONTO, ONTARIO -- (Marketwire) -- 02/16/12 -- Labrador Iron Mines Holdings Limited ('LIM') or (the 'Company') (TSX: LIM) and Innu Takuaikan Uashat Mak Mani-Utenam of Sept-Iles, Quebec, ('ITUM') are pleased to announce that they have signed an Impact Benefits Agreement with regard to LIM's Schefferville Area direct shipping iron ore mining
TORONTO, ONTARIO -- (Marketwire) -- 02/15/12 -- Labrador Iron Mines Holdings Limited (TSX: LIM) reports that it has filed its unaudited financial statements and MD&A for the third quarter and nine months ended December 31, 2011. The documents are available under the Company's profile at www.sedar.com and on LIM's website at
TORONTO, ONTARIO -- (Marketwire) -- 02/14/12 -- Labrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report that it has entered into an agreement with the Iron Ore Company of Canada ('IOC') for the sale of all of LIM's 2012 iron ore production.
TORONTO, ONTARIO -- (Marketwire) -- 02/07/12 -- Labrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report that the NunatuKavut Community Council (NCC) and Labrador Iron Mines Limited (LIM) reached an agreement on Thursday Feb 02, 2012, while attending the Northern Lights Conference in Ottawa, respecting LIM's iron ore mining project(s
TORONTO, ONTARIO -- (Marketwire) -- 01/13/12 -- Labrador Iron Mines Holdings Limited (TSX: LIM) is pleased to report preliminary unaudited operating results for the period to December 31, 2011 from its James direct shipping (DSO) iron ore project near Schefferville, Quebec.
