Emerging Iron Ore explorer Dynasty Metals Australia Limited announce that Xing Hua Iron and Steel Co Ltd has accepted an offer to take a 15% placement in Dynasty at USD 0.18/share. The placement comprises the issue of 11,652,197 fully paid ordinary shares in the Company to Xing Hua or its nominee, for a total capital injection of USD 2,097,035. The shares are voluntary escrowed for 12 months from the date of issue.

The placement will enable Dynasty to accelerate the exploration program on its Prairie Downs Iron Ore Project.

Dynasty Directors have also unanimously agreed to the appointment of a Xing Hua nominee to the board of the Company. Directors are pleased with Xing Hua’s commitment to growing Dynasty asset base including ongoing investment in the Company and commercial and technical management support, in the evaluation and development of its iron ore project in the Pilbara region of Western Australia, at Prairie Downs.

Xing Hua also provides the scope to secure long term iron ore off-take arrangements into the Hebei steel making province of China and with technical and financial assistance.

Mr Ian Levy chairman of Dynasty said “We look forward to working closely with Xing Hua and its representatives in successfully developing for Dynasty’s iron ore mining and export business in Australia.”