zincox raises 120m

http://www.sharecast.com/cgi-bin/sharecast...tory_id=2158450
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"ZincOx secures $120m for Ohio plant;

LONDON (SHARECAST) - ZincOx has bagged itself $120m from a placing and three year bond facility to help fund construction of the Ohio recycling plant.

It has conditionally raised $72m ($36.4m) before expenses in a placing of shares at 175p each and arranged a $48m three-year bond facility.

Existing cash resources and the deferred payments from the Shaimerden zinc oxide deposit in Kazakhstan will also be used to finance the plant build.

Ohio will convert zinc-bearing hazardous waste from the steel industry into pig iron, slag and an intermediate zinc-bearing product.

ZincOx expects earnings before interest, tax, depreciation and amortisation of the project at full production will be $57.5m a year.

“We are delighted to have, subject to shareholder approval, funding for use in construction of our first recycling project,” said ZincOx chairman Andrew Woollett.

“This should enable the company to start production before the end of next year and move the company a step closer to realising its ambition to become the largest zinc recycling company in the world.”
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Hopefully INL can raise in a placement for us S/holders about $75 to $120 m to get the first plant up and going
that means our shares need to be approx $1. I am comfortable with that.