May 12, 2009 / 1:47 PM / in 9 years

UPDATE 1-Iberian Minerals plans to raise C$40 mln

* To sell 76.9 mln special warrants for C$0.52 apiece

* To use net proceeds to fund ‘09 capital program

May 12 (Reuters) - Canada’s Iberian Minerals Corp (IZN.V) said it plans to raise about C$40 million in gross proceeds by selling 76.9 million special warrants to a syndicate of underwriters led by Cormark Securities Inc for 52 Canadian cents apiece.

Each special warrant is exercisable into one common share of Iberian, the Canadian-based copper and zinc company with interests in Spain and Peru said in a statement.

The underwriters have been granted an option to buy an additional 7.7 million special warrants, and the company sees additional gross proceeds of about C$4 million if the option is exercised.

Iberian plans to use the net proceeds from the offering to fund its 2009 capital program and for general corporate purposes.

Shares of the company closed at 56 Canadian cents Monday on the Toronto Venture Exchange. (Reporting by Richa Dubey in Bangalore; Editing by Deepak Kannan)

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