Iron-ore miner Champion Iron hit a 52-week high on the TSX on Thursday morning, as the Australia-headquartered company announced the refinancing of its subsidiary Québec Iron Ore (QIO), the operator of Canada’s Bloom Lake Mining Complex, and a transaction that will see it take full ownership of the mining operation.
QIO has concluded an in-principal agreement with la Caisse de dépôt et placement du Québec (CDPQ) for a preferred share offering of C$185-million plus a commitment for a fully underwritten $200-million credit facility with The Bank of Nova Scotia and Societe Generale.