Winmar Resources
Winmar Resources (ASX: WFE) has the right to earn and acquire 100% of the Hamersley Iron Project located in the Pilbara region of Western Australia.
The Hamersley Project is strategically located immediately south of the Fortescue Metals Group Solomon project.
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Winmar Resources to bank $3m from China's Ping Steel
Winmar Resources (ASX: WFE) will receive $3 million from PXSteel International, with the company subscribing for 15 million ordinary shares at $0.20 per share.
Notably, this is a 66.7% premium to current share price of $0.12.
PXSteel is part of Jiang Xi Ping Steel Industrial Co., Ltd (Ping Steel). It is ranked 34th in the ‘Top Private Enterprises’ in China.
According to its reports, Ping Steel currently has assets of 25 billion Yuan (approximately A$4 billion) and annual production capacity of 10 million tonnes of steel.
Funds raised by Winmar will fast track the current Winmar exploration program under its earn-in obligations under a farm-in agreement with Cazaly Iron Pty Ltd (Cazaly Iron), wholly owned subsidiary of Cazaly Resources Limited (ASX:CAZ).
The Hamersley Project is strategically located immediately south of the Fortescue Metals Group's (ASX:WFE) Solomon project.
