Ferraus Limited (ASX:FRS) Announce Completion of Subscription and Iron Ore Asset Acquisition
FerrAus Limited (ASX:FRS) (PINK:FRRAF) is pleased to advise that at a General Meeting of the company held earlier today, shareholder approval was obtained for: (a) the issue by FerrAus to Atlas Iron Limited (ASX:AGO) of approximately 37.4 million FerrAus ordinary shares at an issue price of A$0.65 per share to raise A$24.3 million, pursuant to a subscription agreement (Subscription); and (b) the purchase of South East Pilbara iron ore assets by FerrAus from Atlas in consideration for approximately 121.8 million FerrAus ordinary shares at a deemed issue price of A$0.65 per share, pursuant to an asset sale agreement (Iron Ore Assets Acquisition).