Alderon Concludes Definitive Agreement with China's Hebei Iron & Steel Group
Montreal-headquartered Alderon Iron Ore Corporation has signed a definitive subscription agreement with Hebei Iron & Steel Group Co. Ltd., a steel producer in China. Hebei will make a strategic investment into both Alderon and its Kami iron ore project in an aggregate amount of C$194 million, in exchange for 19.9% of the outstanding common shares of Alderon and a 25% interest in a newly formed limited partnership that will be established to own the Kami Project. The Kami Project is located in Labrador and Quebec. The subscription and definitive agreements are subject to approvals from the Chinese government.