Proactive Investors reported that an oversubscribed share placement to raise USD 11.52 million through the issue of 48 million shares at USD 0.24 has been completed by Ironbark Zinc issued in one tranche under the company's 15% placement capacity.

The new funds will be used to continue development work on the company’s flagship Citronen Lead Zinc project in Greenland and for working capital.

Last month Ironbark announced a stunning high grade intercept of 16 meters at 20.8% zinc in follow up drilling at Citronen with a revised resource incorporating the plus 20,000 meters of diamond core drilling completed since November 2008 expected in the December quarter of 2010. Total diamond core drilling on the site up to October 2010 is over 62,000m.

(Sourced from www.proactiveinvestors.com.au)