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Austpac Resources NL’s (ASX:APG) has completed a $250,000 private placement to professional investors, at an issue price of $0.01 per share. The new funds will be used for working capital and to progress the Newcastle Zinc Iron Recovery Plant. Austpac is a minerals technology company which is developing a commercial process to recycle steel industry furnace dusts and by-products. The recycling of contaminated steel furnace dusts and the separate recovery of iron and contaminants such as zinc provides significant benefits for the industry.