https://www.miningweekly.com

Sheffield spinoff Carawine raises A$7m in IPO

30th November 2017

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

JOHANNESBURG (miningweekly.com) – The new exploration company housing Sheffield Resources gold and base metals assets in Victoria and Western Australia, Carawine Resources, has raised A$7-million in an oversubscribed initial public offering (IPO).

Sheffield, which is focusing on the Thunderbird mineral sands project in Western Australia, said on Thursday that the IPO had attracted strong interest from new investors and existing Sheffield shareholders.

“…the strong interest confirms our belief that spinning out these assets into an independent exploration company is the best way to maximise their value…,” said Sheffield MD Bruce McFadzean.

The company said that the in specie distribution of 20-million Carawine shares to eligible Sheffield shareholders would occur next week, triggering the completion of the demerger of Carawine from Sheffield.

Carawine is expected to list on the ASX on December 14.

The spinout’s assets include the Jamieson gold/copper/silver/zinc project, in Victoria, and the Oakover and Paterson copper/cobalt projects, in Western Australia, as well as the Fraser Range nickel/copper/cobalt project, in the same state.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION