Sheffield raises A$18m
PERTH (miningweekly.com) – Mineral sands developer Sheffield Resources will raise A$18-million through a share placement, priced at 39c a share.
The placement will be completed in two tranches, with the first consisting of 26.5-million shares to raise approximately A$10.4-million. The first tranche will be completed under the company’s existing placement capacity.
The second tranche of the placement will consist of approximately 19.6-million shares, and will raise an additional A$7.6-million, subject to shareholder approval.
“We are pleased with the overwhelming support the company received for the capital raising. This placement represents a strong endorsement of our recent bankable feasibility study update and shall provide Sheffield with a strong balance sheets as we target completion of the strategic partner and funding process for the Thunderbird mineral sands project during 2019,” said Sheffield MD Bruce McFadzean.
The funds will enable Sheffield to withdraw from its $10-million bridging loan facility to progress the current strategic partner process from a strong cash position.
The hunt for a development partner for the Thunderbird project started in January this year, with global investment bank UBS AG appointed to assist in considering third party strategic partners.
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