Gindalbie seeks to raise between $175 million and $206.4 million, depending on the uptake of the SPP, which is subject to Gindalbie shareholder approval at extraordinary general meetings in June. Gindalbie has raised $111.8 million under a conditional share placement to international and domestic institutional investors, with 120.2 million shares to be issued at 93 cents per share. The instructional placement also is subject to shareholder approval, as is a conditional placement to Gindalbie's joint venture partner and largest shareholder, China's Angang Steel Company Ltd (AnSteel), which has raised at least $63.2 million.