Business & Finance
Business and Finance
Business and Finance
Mon, September 20, 2010 Rodman & Renshaw, LLC Acts As Financial Adviser to New Millennium Capital Corp.
NEW YORK--([ BUSINESS WIRE ])--Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), a leading full service investment bank for growth companies, today announced that its Metals & Mining Group acted as financial advisor to New Millennium Capital Corp. (aNMLa) in connection with the recently completed option exercise by Tata Steel relating to NMLa™s Schefferville Direct Shipping Ore project (aDSO Projecta).
"This significant transaction marks the second advisory assignment in the metals and mining space that we completed this quarter. We are very pleased that our Metals & Mining Group assisted New Millennium in connection with the DSO Project."
As part of the Joint Venture (aJVa) agreement, Tata Steel will arrange funding for up to CDN $300 million of capital costs for the DSO Project to earn its 80% share of the JV and commit to take 100% of the DSO Projecta™s iron ore products of specified quality, at world market prices, for the life of the mining operation. It is expected that the JV will produce 4 million dry tonnes per year of iron ore products commencing in 2012.
NML controls the emerging Millennium Iron Range, located in the Province of Newfoundland and Labrador and in the Province of Quebec, Canada, which holds the worlda™s largest undeveloped magnetic iron ore deposits. Tata Steel, one of the top 10 steel producers in the world, owns 27.4% of NML and is the companya™s largest shareholder and strategic partner.
Edward Rubin, Rodman & Renshaw's CEO and President said, "This significant transaction marks the second advisory assignment in the metals and mining space that we completed this quarter. We are very pleased that our Metals & Mining Group assisted New Millennium in connection with the DSO Project.a
About New Millennium Capital Corp.
New Millennium Capital Corp. (NML: TSX-V) is developing world class iron ore mining projects in the Northern Quebec-Labrador region in Canada. NML holds over 9.0 billion tonnes of taconite resources in the Millennium Iron Range, which is one of the world's largest undeveloped deposits of its kind. New Millennium's current priority is to bring a smaller brownfield DSO project into production by Q2, 2012. Tata Steel, the world's seventh largest steel producer, is NML's strategic partner and holds options on both the taconite and DSO properties. Tata Steel is expected, by mid-September, to exercise its option to invest Cdn $ 300 million in the DSO Project.
About Rodman & Renshaw
Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.
Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.
For more information visit Rodman & Renshaw on the Internet at [ www.rodm.com ]
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