Charter Pacific's Kaoua El Khadra iron ore project has an Exploration Target of some 4.4 billion tonnes of iron ore with Davis Tube Recovery tests showing concentrate grades up to 69.76% iron and mass recoveries of up to 43.7%.
The funds were raised by the issue of convertible notes with an interest coupon of 8% per annum exerciseable at any time within 12 months from the date of issue at a conversion price of $0.04 cents per share.
Today, it has issued notes to the value of $312,000 with the balance $688,000 to be issued within 90 days from today on the same terms and conditions.
The conversion of the notes will be subject to the approval of Charter Pacific shareholders at a soon to be held general meeting of shareholders.
Charter Pacific also owns a 14.62% holding in Monteray Mining Group (ASX: MRY), which has a portfolio of highly prospective gold licences located in the prolific Birimian Greenstone Belt, Burkina Faso, West Africa.
Monteray also has tenements prospective for gold in the Archaean Noresman-Wiluna Greenstone belt, 70 kilometres east southeast of Kalgoorlie, Western Australia.
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