Price: $0.03
Shares Outstanding: 95,727,875 common shares (recent placement included)
Insider Holdings: Just under 25% as per www.sedi.ca
March 2015 Presentation on their website: northernironcorp.com
NFE Financials(Most Recent Out Ending June 30th 2014)
Cash: $829,258 ($952,400 raised in December at $0.05c a share, 3 times the current price)
Receivable: $84,785
Prepaid Expenses: $4,385
Deposits: $205,264
Intangible Assets: $145
Property and Equipment: $350,740
Exploration Assets: $9,573,315
Total Assets: $11,047,892 (Without PP funds)
Liabilities/Debt: $59,270(All Payables)
Quarterly cash burn: $188,313 for 3 months or $563,953 after 9 months. Roughly $200k per quarter
- $952,400 raised at 5c a share by one individual who is now a director/insider
- More financing offered to get this NFE’s Iron Ore project into production
- Company has three contracts signed that's slated for production deliverance in 2016
News Highlight:
Basil Botha, president and chief executive officer of Northern Iron, said: "The investment agreement entered into today is significant for the following reasons:
"The private placement is being done at a 152-per-cent premium to the 20-day volume-weighted average price of Northern Iron shares.
"The initial tranche of capital from the private placement, when completed, is expected to secure Northern Iron's short-term working capital needs.
"The $30.2-million in further capital provided for in the underlying agreements to be entered into on closing is expected to bring the project to the completion of the bankable feasibility study stage.
"These transactions provide Northern Iron with a clear path forward at a time when financing for juniors is extremely difficult.
"Northern Iron is now aligned with Danieli Centro Metallics, one of the world's leading equipment suppliers to the steel industry (see press release dated May 7, 2014, regarding co-operation agreement with Danieli), and with OMC, a firm that has access to major Chinese steel producers.
"Globally, steel mills are looking for a reliable source of value-added raw materials that can assist in the production of quality and speciality steels, while reducing emissions, being more energy efficient and producing less waste. Canadian HBI [hot briquetted iron] produced in Northern Ontario can accomplish this and the transportation infrastructure is in place to make it happen." |
