The company has raised the funds from Australian and overseas institutional and professional investors at $0.85 per share.
The share placement is in line with the company’s capital raising programme for ongoing development of the iron ore mine.
IronClad chairman Ian Finch said the proceeds from the most recent equity raising would be used to accelerate start-up works at the emerging mine which is expected to commence production in the current March quarter, followed by first ore shipments in the June quarter.
"Among other things it has enabled us to pay the South Australian Government a $5.8 million environmental bond for our proposed mine, which continues to march towards maiden production," Finch said.
IronClad has raised about $13m ($13.8m) in total in the recent months due to high demand for the stock.
The company expects that the majority of its options will be exercised on 30 March, potentially realising a further A$12m ($12.7m), bringing the potential raising to A$25m ($26.5m).
IronClad stated that debt financing through Australian and international financial institutions, is expected to be in place over the next three months, would help further accelerate mine plans.
