Poltava Iron Ore EGM approves additional share issue

At their EGM yesterday, shareholders in Poltava Iron Ore (PGOK) approved the company’s recent additional share issue, which increased the company’s charter fund by 35.7% to USD 318 mln. Poltava Iron Ore’s total number of shares is 191,000,000, following the 50,250,000 share issue at par value. According to Interfax, proceeds will be used to guarantee development projects, increase financial stability and bolster working capital.