• Champion Iron completes US$100m private placement of subscription receipts to Caisse de dépôt et placement du Québec
• Proceeds to fund purchase price for proposed acquisition of Rana Gruber ASA
• Placement represents 5% dilution on a non-diluted basis

Champion Iron Limited has completed a US$100 million private placement of 26,795,921 subscription receipts to Caisse de dépôt et placement du Québec at a price of US$3.7319 (C$5.1508) per subscription receipt. The proceeds from the placement will be used to fund in part the purchase price payable for Champion's previously announced conditional recommended voluntary cash tender offer to acquire all of the issued and outstanding shares of Rana Gruber ASA. Assuming the issuance of the ordinary shares underlying the subscription receipts, the placement represents ordinary share dilution to Champion of approximately 5.0% on a non-diluted basis. Together with its previously held interest in Champion, Caisse de dépôt et placement du Québec will hold approximately 8.5% of Champion's ordinary shares on a non-diluted basis upon conversion of the subscription receipts. The gross proceeds of the placement will be held in escrow and released to Champion upon meeting the minimum acceptance condition of the Rana Gruber offer, provided the other conditions for completion are satisfied. If the conditions are not met, the proceeds will be returned to Caisse de dépôt et placement du Québec with earned interest.