South American Iron & Steel Corporation in discussions with Jiangsu

ASX-listed South American Iron & Steel Corporation (ASX: SAY) has raised $942,392 via a placement of 23,559,804 shares at $0.04 per share to sophisticated investors.

ASX上市公司南美鋼鐵公司（ASX：SAY）通過向資深投資者配售23,559,804股票（每股4美分）籌資942,392美元。

An additional placement of up to $1 million at $0.04 per share will be made to sophisticated investors subject to shareholder approval.

若經股東批准，還將向資深投資者另外配售高達100萬美元的股票（每股4美分）。

The company has in place conditional funding agreements with sophisticated investors to raise more funds via a placement and loan issue.

該公司已與資深投資者準備好附條件融資協議，以通過配售和發行債券籌集更多資金。

The loan instruments to be issued to sophisticated investors will have a value of $557,608. These will automatically convert to fully paid ordinary shares at $0.04 per share upon shareholder approval based on the acquisition of the remaining 90% interest in the Quince Project and the conversion of the loan instruments to shares.

向資深投資者發行的債券價值將達557,608萬美元。在股東批准后，根據收購Quince項目剩餘的90%股權以及債轉股，該債券將自動轉為已繳足之普通股，每股價格4美分。

In a statement, the company said it is still in discussions with Jiangsu Changqiang Iron & Steel Co., regarding an offtake agreement.

在一份聲明中，該公司表示它與江蘇長強鋼鐵有限公司還在就承購協議進行協商。

South American Iron & Steel currently operates iron sands projects in Ecuador and Chile, with onshore and offshore tenements totalling 129,354 hectare. The company’s objective is to beneficiate the sands to valuable heavy metals (VHM) and become a fully integrated producer of steel, titanium slag and vanadium.

南美鋼鐵目前在厄瓜多爾和智利運作鐵砂項目，其陸上和海上的資源共129,354公頃。該公司的目標是將鐵砂轉化為有價值的重金屬，成為一個完全集成的鋼，鈦和釩渣生產商。