Sheffield spinoff Carawine raises A$7m in IPO

30th November 2017 By: Mariaan Webb - Creamer Media Senior Deputy Editor Online

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.