It is reported that Hebei Province-based Chinese steelmaker Xinxing Ductile Iron Pipes plans to purchase CAD 5 million worth of non-interest convertible bonds from Canadian iron ore miner Advanced Explorations Inc.

The deal will allow AEI to complete feasibility assessments to bring its Roche Bay project in Nunavut, Canada to commercial operation.

Xinxing Huaxin, the joint venture founded by Xinxing Pipes and Hong Kong Huaxin International in September last year, purchased 21.23 million shares from AEI last October becoming the largest shareholder of AEI with 14.5% while Xinxing Pipes owns a 70% stake in the joint venture.

(Sourced from SteelOrbis)
Visit www.steelorbis.com for more