Nevada Iron (ASX:NVI) has received US$299,600 (A$382,843) from completion of the first tranche of a US$1.5 million private placement.
Proceeds from the placement will progress permitting and execution of key contracts for its wholly-owned Buena Vista iron ore project in Nevada.
The company expects to receive the final tranche of the private placement by no later than 9 March 2015.
Negotiations are near complete with a leading rail U.S. carrier for the transport of concentrate from the Huxley rail siding to a variety of ports.
In addition, the company is continuing negotiations with ports are ongoing to finalise the logistics chain required for operations.
