Highly prospective exploration company

Resource projects cover more than 1,713 km2 in three provinces at various stages, including the following: hematite magnetite iron formations, titaniferous magnetite & hematite, nickel/copper/PGM, chromite, Volcanogenic Massive and gold.

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Message: Cliffs

Cliffs Natural Resources to sell 9M shares to repay loans it borrowed to buy Canadian miner

By Associated Press, Updated: Tuesday, June 7, 5:49 AM

CLEVELAND — Mine operator Cliffs Natural Resources Inc. said Monday that it is planning to sell nine million common shares to raise money to repay funds it borrowed to buy Consolidated Thompson Iron Mines Ltd.

Cliffs completed the $5.09 billion purchase of Canada’s Consolidated Thompson last month with cash on hand, a $1.25 billion term loan and $750 million in bridge financing. The company will use proceeds from the planned stock sale to pay off the bridge financing and for general corporate use.

The Cleveland-based company also will offer underwriters the option to purchase 1.35 million more shares if demand exceeds initial supply. J.P. Morgan Securities LLC, BofA Merrill Lynch and Citigroup Global Markets Inc. are acting as joint book-running managers of the offering.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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