Cyclone Metals Ltd (AU:CLE) has released an update.
Cyclone Metals Ltd has successfully raised $1.87 million and plans to secure an additional $5.39 million to further develop their Iron Bear project, retire debt, and bolster working capital. The company is also undergoing a restructure that includes a proposed securities consolidation and board changes, with new appointments bringing in expertise in governance and the natural resources sector. The Iron Bear project, located in Canada’s Labrador Trough, boasts one of the world’s largest iron ore deposits with a mineral resource of 16.6 billion tonnes at 29.2% iron.
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