Boulder Steel has secured a second application for 85 million fully-paid Boulder shares to the value of approximately $A12 million ($US8.925 million) from another Dubai-based investor.
This follows the receipt of an application for 85 million shares from high-profile investor Falak Holding LLC, as announced by Boulder Steel last week.
The second placement of shares has been arranged by Management & Finance Consulting Limited.
The investor is Mr Mohammad Yousuf Al Ali, a businessman based in Dubai, whose main activity is real estate development in the United Arab Emirates.
Mr Al Ali’s decision to invest in Boulder Steel’s Australian Seamless Steel Tube Project follows his intention to expand his investments into steel-related activities.
Boulder Steel’s commissioning of the Australian Seamless Steel Tube plant in Ipswich Queensland is planned for 2008, with full capacity by the end of 2010.
Boulder Steel will call a general meeting for 1 May 2006 to seek shareholder approval for both placements.