Austpac Resources has announced that a further A$5.7 million capital had been raised by a placement of another 30 million shares to BHP Billiton and 27 million to professional investors. BHP Billiton remains the company’s largest shareholder with 55 million shares representing about 7.25% of the issued capital. The Newcastle Demonstration plant continues the successful treatment of ilmenite for the production of high quality SynRutile. The new Acid Regeneration section commences production this week so that the company can demonstrate the recovery of hydrochloric acid and iron waste from steel mill spent pickling acid solutions. This process is the subject of the Agreement announced with the Multiserv Group last year as steel mills all over the world seek to recover usable product from their waste in an economic and environmentally-friendly manner.There is an update on this progress and some photos of the plant in Newcastle at the link below. http://www.australiansharenews.com/austpac/APG_DemoPlantUpdate_09Sep08.pdf