Roca Mine investor to help with mine re-opening
By Nelson Daily Editor
Roca Mines Inc. announced Monday that it has closed the $2.5 million private placement announced on April 28 with strategic investor SeAH Holdings Corp. which could re-open the mine.
SeAH Holdings Corp. is a company based in Seoul, South Korea listed on the Korean stock exchange. Proceeds from the financing will be used to recommence production at the MAX molybdenum mine and for general working capital.
Ten million units of the company have been issued at a price of $0.25 per unit, each unit consisting of one common share and one half of a transferable common share purchase warrant.
Each full warrant entitles the holder to purchase an additional common share of the Company at a price of $0.30 through May 9, 2012. All securities issued under this private placement are subject to hold period expiring September 10, 2011.
Having carried out much rehabilitation, planning and engineering it remains Roca management’s goal to restart production at the MAX molybdenum mine and to continue to advance its permitted 1,000-tonne-per-day expansion plans.
Molybdenum oxide currently trades at approximately US$17 per pound.
About SeAH Holdings Corp.
SeAH is a public company listed on the Korean stock exchange. SeAH is the holding company of SeAH Group, established in 2001 by separating SeAH Steel’s investment sector and is based in Seoul, South Korea.
SeAH has 18 domestic and 13 overseas subsidiaries and operations with business areas in special steel producing, pipe manufacturing, IT and energy.
SeAH Besteel Corp., the largest subsidiary of SeAH, is known as the number one special steel maker in Korea and the company mainly produces automotive parts and shipbuilding parts for globally renowned automakers and shipbuilders
