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Cape Lambert takes up 37% of DMC Mining

July 03, 2009 - 15:27 GMT Location: Windhoek, Namibia

KEYWORDS: Cape lambert , Mayoko iron ore project , DMC mining , iron ore , copperco , marampa

Cape Lambert Iron Ore has acquired a 37% stake in fellow Australian-listed iron ore explorer DMC Mining, which is advancing the Mayoko iron ore project in the Republic of Congo, it said

Cape Lambert acquired the stake through the conversion of a $2 million convertible note and exercise of 5 million unlisted options worth $750,000 through wholly owned subsidiary Dempsey Resources, it said. Under the conversion terms issued to Dempsey on December 10 and agreed by DMC shareholders on May 8, DMC will issue Dempsey 20 million fully paid shares worth $2 million, it said. Its subsidiary had already issued DMC...

All material subject to strictly enforced copyright laws. © Euromoney Institutional Investor PLC.

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