ISR Capital taps new shareholders with $12 mil placement

SINGAPORE (Sept 5): ISR Capital has announced that it will raise $12 million by issuing 141 million new shares priced at 8.5 cents each to four investors.

The company is in the process of acquiring a 60% stake in a company that holds a rare earth mining concession in Madagascar from REO Magnetic for a total of $40 million. ISR has said it will pay for this by issuing new shares to REO Magnetic at 10 cents each.

Who are the investors who are getting into ISR now? Among them is Chen Tong, a Chinese national who is now the managing director of Newview Resources. He is said to have experience in the mining industries of Australia, Canada, South Africa and the Asean region. Chen is investing $4 million, which will give him a 2.88% stake.

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