Cyclone Metals Limited acquires 100% largest undeveloped magnetite iron ore deposit

Cyclone Metals Limited (ASX: CLE) announced the acquisition of Labrador Iron Pty Ltd, 100% owner of the Block 103 Magnetite Iron Ore Project 30km northwest of Schefferville, Quebec, Canada. The company will issue the shareholders of Labrador (or their nominees) a total of 2,160,000,000 CLE shares at the deemed price of $0.0025 per share.

In addition, before completion of the transaction, the company announced to undertake a capital raising of no less than AU$1,000,000, with the potential for oversubscriptions up to AU$2,000,000 at an issue price of AU$0.0025 per share. Funds raised from the Placement will be used in initial work on the Project, costs of the transaction, and general working capital.

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