THE BOURSE WHISPERER: IronClad Mining (ASX: IFE) has completed a capital raising of $300,000 by placement of 15 million shares at 2 cents per share to sophisticated investors.
The company also announced the offering of a Share Purchase Plan (SPP) to all eligible shareholders, also at a price of 2 cents per share.
The company said the total equity raising of $600,000 is part of a previously announced company Re-capitalisation following the recent merger with Trafford Resources.
At its AGM, the company’s shareholders voted in favour of renaming the company, which is now to be known as Tyranna Resources (ASX: TYX).
As Tyranna, the company is already in the process of effecting sales of superfluous assets as part of the re-capitalisation program.