Jupiter Mines raises $40M

Company News

Jupiter Mines Limited (ASX:JMS) has raised $40 million to support the development of its manganese and iron ore assets in South Africa and Australia.

The mining company raised the funds through a private placement at a price of $0.16 cents per share to a Netherlands-based institutional investor.

After the placement the investor will hold about a 14 per cent stake in Jupiter.

The proceeds of the placement and rights issue will be used to fund the next phase of Jupiter’s growth strategy.

In the first half of its 2012 financial year Jupiter Mines reported a net loss of $7.3 million.

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