Chrystal Capital completed a CAD $4.1 million private placement of shares in Canadian mining firm Ironstone Resources Ltd. The transaction was conducted on behalf of Polo Resources Ltd, an AIM-listed, natural resources and mine development investment company based in South Africa.
The deal follows closely behind Chrystal’s CAD $18 million fundraising for Ironstone, completed earlier this year. The company is expected to achieve a number of critical milestones with over the next 12 months to deliver significant shareholder value creation ahead of an IPO on AIM.
Ironstone is also now well placed for joint venture and off-take discussions with major global partners in order to accelerate its development into a fully operational mining company.
Kingsley Wilson, Partner at Chrystal Capital, commented “The resource sector is an important part of our business and Canada has become a major area of focus for us given the number of high-quality opportunities emanating from there. The recent tie up between the London Stock Exchange and Canada’s TMX, creating the world’s largest resource exchange, will only increase the number of cross border opportunities for resource companies to explore alternative routes of financing.”