Tacora Resources of Grand Rapids, which acquired the assets of the Scully Mine located in Wabush, Newfoundland, and Labrador, Canada, last July, has priced its $125 million initial public offering.

The iron mining firm will sell common shares at $16 to $19 per unit, the Globe and Mail reported Monday. Tacora’s stock will trade on the Toronto Exchange. BMO Nesbitt Burns and Jefferies are the lead underwriters.

Several officers of Tacora formerly were affiliated with Magnetation. The firm’s prospectus lists Larry Lehtinen as executive chairman and CEO; Matt Lehtinen as president and COO, and Joe Broking as executive vice president, CFO and corporate secretary.

If successful, Tacora expects to achieve a market capitalization of about $379 million to $427 million, the Globe and Mail said. Company executives plan to spend several weeks promoting the IPO, Larry Lehtinen said in an interview.

The mine formerly was owned by Cliffs Natural Resources. It was shuttered early in 2014 when pellet prices had declined drastically. Cliffs sought to sell the property but eventually sought protection through the Companies' Creditors Arrangement Act, Canada’s equivalent of bankruptcy. Tacora purchased the property through a CCAA proceeding.

According to the company’s prospectus, Tacora hopes to restart the Scully mine by the fourth quarter of this year and begin selling concentrate within one year after the IPO is complete. It has a six-year offtake agreement with Cargill Inc.

A feasibility study rated the company’s concentrate at 65.9 percent iron versus the industry standard of 62 percent. The steelmaking industry currently seeks that higher grade, Tacora said, and is paying a premium for that ore. Another advantage for Tacora, says the prospectus, is the ability to load Cape-size and Panamax-size maritime vessels.

The company intends to seek a long-term customer base in the 1.1-billion-metric-ton per year seaborne market for concentrate and fines. Other goals include developing direct reduced iron-grade concentrate and removing manganese from iron ore tailings and developing it into a saleable product.