Shares in Padbury Mining Limited
(ASX:PDY) soared 65 per cent at the end of last week after securing an almost $US6.5 billion investment from unnamed Australian equity investors.
The iron ore explorer says the financing deal will enable it to construct a deep water port and associated rail network at Oakajee in Western Australia.
Managing Director Gary Stokes says the announcement will see the game changing project finally come to fruition.
Following Friday’s stock jump to $0.033 Padbury Mining entered into a trading halt ahead of releasing the material terms of the agreement.
Investors now await the name of the parties involved, details of any shareholder approvals and details of any security, which are expected to be released no later than tomorrow, April 15, 2014.
Padbury Mining reported a net loss of almost $1.6 million in the first half of the 2014 financial year.
