JOHANNESBURG (miningweekly.com) – A new exploration company with gold and base metals assets in Victoria and Western Australia started trading on the ASX on Thursday, following an oversubscribed A$7-million initial public offer (IPO) that closed in late November.
Carawine was spun out of ASX-listed Sheffield Resources, which is focused on developing the Thunderbird mineral sands project, in Western Australia.
“We’re thrilled with the support we’ve received from new shareholders and existing Sheffield shareholders,” said Carawine MD David Boyd, adding that the support for the IPO was a clear endorsement of the company’s assets, its exploration strategy and the experienced board and management team.
Carawine’s board includes the founders of previously successful explorers, Warwick Resources and Sheffield.
“We’re looking forward to kick off our exploration programme and realise the potential value of our projects,” Boyd said.
Carawine will use the funds raised from the IPO to implement its exploration programme, which will focus on starting an extensive diamond drilling programme at the Jamieson gold and base metal project in Victoria during the first quarter 2018, and advancing copper and cobalt targets at the Oakover project in the eastern Pilbara.