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March 17, 2013
20:06 EDTAXXAlderon closes C$119.9M contribution by Hebei Iron & Steel Group
Alderon to announced that Hebei Iron & Steel Group has contributed the remaining C$119.9M of its initial investment and Alderon has contributed the Kami iron ore project to a limited partnership which is owned 25% by HBIS and 75% by Alderon. HBIS is China's largest steel producer. This concludes HBIS's initial strategic investment, first announced on April 13, 2012, into both Alderon and its Kami Project for an aggregate amount of C$182.2 million, in exchange for 19.9% of the outstanding common shares of Alderon and a 25% interest in the Kami Limited Partnership which was established to own the Kami Project. Alderon has the remaining 75% interest in the Kami Limited Partnership.
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