AuIron to spend cash on coal

AUIRON Energy has found a use for the $22.3 million it held at the end of the last quarter following a decision to invest in Resource Management and Mining's Yarrabee coal project northwest of Gladstone in Queensland.

AuIron will issue RMM with 301 million of its shares and 150 million options, which, if exercised, would see its stake in issued capital of the failed pig iron producer rise from 48% to 58%.