Africa-focused iron ore hopeful Sundance Resources will raise $40 million to develop its Mbalam-Nabeba Iron Ore project in the Republics of Cameroon and Congo.
The Perth-based company will issue convertible notes and options to Noble Resources International and an investor consortium to ensure it has sufficient funds to meet its anticipated working capital requirements.
Sundance shares were 1.5 cents, or 11.5 per cent, lower at 11.5 cents at 1340 AEDT.
Sundance expects to sign up customers by the end of the year as it pins its hopes on producing iron ore in west Africa by 2017 following the collapse of a $1.3 billion takeover deal with China's Hanlong Mining.
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