If Xinyang Iron and Steel Group Company Limited were prepared to inject $23m @ $1.41 for 12.7% of the company in May '10, IMO the current share price is a steal.
"Long Term Off Take for Maryborough Project and $23M Capital Raising
Key Points
* Life of Mine off take agreement with a subsidiary of Chinese steel making group Xinyang Iron and Steel Group Company Limited (Xinyang) for 65% of mine output for planned Colton mine and any additional developments at Maryborough;
* This off take agreement would deliver approximately $700M in sales revenue to NEC over 10 years at current coal prices and at the initial planned production rate;
* Issue of 16.315 million shares to Xinyang Group (12.7% of expanded capital base) to raise $23M;
* Xinyang Group to be offered a board seat;
* Capital injection provides funds to progress development of the Colton Mine;
* NEC retains 100% ownership of the Maryborough project; and
* Full extent of the resource base and ultimate mine size to be defined, structural and quality modelling of quality continues".
substantial holder
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Last
$1.26 |
Change
-0.010(0.79%) |
Mkt cap ! $1.958B | |||
| Open | High | Low | Value | Volume |
| $1.28 | $1.28 | $1.26 | $2.737M | 2.167M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 6 | 40829 | $1.26 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $1.26 | 66186 | 12 |
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| Last trade - 16.10pm 03/12/2024 (20 minute delay) ? |
| NEC (ASX) Chart |
