Gindalbie Metals Limited advise that it has completed the final stage of its AUD 209 million equity raising. The final stage of the equity raising was a share placement comprising 111,922,105 shares at an issue price of AUD 0.67 to its major shareholder Ansteel, to raise a total of approximately AUD 75 million. This share placement was approved by shareholders at a General Meeting on September 9th 2011.

The separate share placement to Ansteel has resulted in Ansteel maintaining its 35.89% shareholding in Gindalbie.

Following the placement Gindalbie’s cash reserves stand at AUD 315 million, enabling it to make the required equity contributions to its joint venture company Karara Mining Limited to underpin construction of the Karara Iron Ore Project.

Mr Tim Netscher MD of Gindalbie thanked Ansteel for its ongoing support of Gindalbie and the Karara Project.