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Ansteel lifted its stake in the iron ore explorer from 12.6 per cent to 36.28 per cent under the transaction.
The placement enabled Gindalbie to secure equity funding for its A$1.8 billion Karara project in Western Australia's mid-west region.
Gindalbie managing director Garret Dixon said in a statement on Wednesday that Ansteel and Gindalbie's joint venture company, Karara Mining Ltd, held cash reserves of about A$350 million to be spent on the project.
This follows equity contributions by the joint venture partners of A$143.6 million each into Karara Mining's bank account.
Karara Mining has already spent about A$200 million on pre-development activities and other items.
"The balance of the capital required for the Karara project will be provided through a project loan facility of up to US$1.2 billion to be provided by the China Development Bank," Gindalbie said.
Shares in Gindalbie were up 1.5 cents, or 1.95 per cent, at 78.5 cents.
(AAP) rw
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