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| Home : New Millennium Iron Corp. Announces Decision Not to Meet $23 Million Cash Call From TSMC |
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Apr 11
2015 |
New Millennium Iron Corp. Announces Decision Not to Meet $23 Million Cash Call From TSMC |
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CALGARY, ALBERTA--(Marketwired - April 10, 2015) - New Millennium Iron Corp. ("NML" or the "Company") (TSX:NML) (OTCQX:NWLNF) announced today that its board of directors has decided not to fund an equity cash call of C$23 million, approved by the Board of Tata Minerals Steel Canada Ltd. ("TSMC"), to fund certain capital expenses for the DSO and Howse projects ("Projects") operated by TSMC. The cash call will result in a dilution of the Company's interest in TSMC from the current 20%. As per the Joint Venture Agreement, NML has a 20% equity interest in TSMC as a free carry up to a threshold of $300 million for certain capital expenditures specified under the Joint Venture Agreement. |
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| Source:http://www.marketwired.com/mw/release.do?id=2008433&sourceType=3 |
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