Base metals exploration and development company Ironbark Zinc has revealed a plan to raise $2.2m through placement to develop Citronen zinc project in Greenland and exploration at its other Greenland and Australian base metal projects.
Ironbark Zinc has placed approximately 36.7m shares at 6 cents per share to raise $2.2m.
Ironbark managing director Jonathan Downes said, "As the 100% owner of one of the world’s largest zinc project held by a junior, Ironbark is uniquely positioned to take advantage of a stronger zinc market with its advanced and large scale Citronen Zinc Project."
The company will utilize this amount to continue to progress Citronen zinc project as well as other Greenland and Australian base metal projects exploration.
In April, Ironbark released a feasibility study results on the Citronen project and verified the project as a base metal mining project of global significance.
Scheduled for settlement in 26 September 2013, the placement will be completed in one tranche.
Currently, the project is under evaluation to mine at a rate of 3.3Mtpa and produce zinc and lead concentrates with an estimated life of mine cash flow exceeding $5.65bn for global supply.