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CORR: AUSTRALIAN MINER SUNDANCE RES. COMPLETES US$78 MLN PLACEMENT

Nov 09, 2009 (AsiaPulse via COMTEX) --

Correction: adds ticker code

PERTH, Nov 9 Asia Pulse - Australian iron ore explorer Sundance Resources Ltd (ASX:SDL) says it has completed a placement agreement to raise A$85 million (US$78.49 million) from international institutional investors.

Subject to conditions including shareholder approval at an extraordinary general meeting on December 9, a total of 566.6 million shares will be issued in two tranches at a price of 15 cents per share.

Managing director Don Lewis said the proceeds would be used for a definitive feasibility study at its Mbalam iron ore project in the Republic of Cameroon and exploration at other landholdings.

The funds would also provide general working capital, Sundance said.

(AAP) rw

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Related terms: australia, cameroon, exploration

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