By Sheri Kasprzak
New York, Nov. 14 - Murchison Metals Ltd. has completed a private placement for A$3 million.
The company sold 10 million shares at A$0.30 each to Posco Australia Pty. Ltd.
The investor also received options for 30 million shares, exercisable at A$0.50 each through Dec. 31, 2006.
Proceeds will be used for working capital and development at the Jack Hills iron ore project.
Based in West Perth, Western Australia, Murchison is an iron ore exploration company.
| Issuer: | Murchison Metals Ltd.
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| Issue: | Stock
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| Amount: | A$3 million
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| Shares: | 10 million
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| Price: | A$0.30
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| Options: | For 30 million shares
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| Options expiration: | Dec. 31, 2006
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| Options price: | A$0.50
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| Investor: | Posco Australia Pty. Ltd.
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| Settlement date: | Nov. 14
|
| Stock price: | A$0.335 at close Nov. 14
|
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