May 20, 2009 (FinancialWire) — Cliffs Natural Resources Inc. (NYSE: CLF) has closed on a common share offering, selling a total of 17.25 million shares. J.P. Morgan Securities (NYSE: JPM) and Merrill Lynch & Co. (NYSE: MER) acted as joint book-running managers.

The offering was comprised of the 15 million share offering and the exercise of the underwriters’ option to purchase an additional 2.25 million common shares.

Net proceeds at a price of $21 per share are around $347 million. The company said it plans to use the funds for general corporate purposes, which may include funding certain capital expenditures, repayment of indebtedness or strategic transactions.

Cleveland-based Cliffs Natural Resources is a mining and natural resources company. The company is a producer of iron ore pellets in North America, a supplier of direct-shipping lump and fines iron ore from Australia and a producer of metallurgical coal.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.