Astra Eyes $750M Financing Push For Steelmaking Tech

Law360, New York (January 17, 2012, 5:37 PM EST) -- Australian mining and technology firm Astra Resources PLC has teamed up with project finance specialist MidOil USA LLC to raise $750 million to commercialize its steelmaking technology, the company announced Tuesday.

Astra has entered an agreement with MidOil to create a U.S. subsidiary, whereby Astra will contribute 100 million shares to the holding company and MidOil will use the Astra stock to secure $750 million from corporate backers, according to the statement. The funds will be used chiefly to bring Astra’s high-strength steel to market....
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