Palladon Ventures completes buyout of Palladon Iron from Luxor Capital
June 29, 2008
June 29th (Steel Guru) – Palladon Ventures Limited announced that it has completed the acquisition of its joint venture partner’s interest in Palladon Iron Corporation from Luxor Capital Partners, LP under the terms announced on June 4th 2008.
Palladon Ventures also announced that it has closed its private placement announced June 4th 2008. The private placement consists of 87,375,169 units at a price of CAD 0.70 per unit for gross proceeds of CAD 61,162,618. Each unit consists of one common share plus one quarter of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of CAD 1.00 per warrant share for a period of 18 months from closing.
Palladon Ventures will also issue 871,885 units in lieu of cash to a US based financial services firm as part of the 6% advisory fee for the equity private placement.
Furthermore, the Company also announced that it has filed with the applicable Canadian securities regulatory authorities on SEDAR an updated Technical Report dated June 18th 2008 for its Iron Ore Project.