Amex Resources raises $1.4 million to progress MBA Delta Project

Australian-based exploration company Amex Resources (ASX: AXZ) has raised $1.4 million to advance the company's Mba Delta magnetite iron sands project, located in the north of Viti Levu on the island of Fiji.
The company announced the private placement of 6 million ordinary fully paid shares at $0.24 per share to sophisticated investors.
Hong Kong Rongcheng International Development, a branch of Jiya International Trading and owned by the Jiya Group, has taken up 85% of this placement. The Jiya Group are chiefly engaged in the trading and processing of fine iron powder, coal and fuel oil.
The Jiya Group has diversified business interests which includes Zhangjiagang Lianya Furnace Charge Co Ltd that produces pellet iron ore, Zhangjiagang Liantai Technology Co Ltd that manufactures reduced iron for special steel smelted in electric furnances, iron ore mines in Jixiang Loujiadian of Beipiao City and Jianping county and Zhangjiagang Hongxing Metallurgical Machinery Co Ltd that produces metallurgical machinery.
Managing Director Matthew Collard said the funds raised under the placement would be used to advance the Company’s Mba Delta magnetite iron sands project with specific focus on finalising the scoping studies and completing an indicated drilling program.  http://www.proactiveinvestors.com.au/companies/news/4274/amex-resources-raises-14-million-to-progress-mba-delta-project-4274.html