PERTH (miningweekly.com)- Kaolin and silica sands explorer Suva Strategic Minerals has started trading on the ASX under the ticket SUV, following a A$5-million capital raise.
The company issued 250-million shares at a price of 2c each.
Based on the capital raising price, the company has a market cap of A$10.5-million, with shares closing at 3.9c each on Friday.
“We believe the company has two potential world class near-term producing assets that enjoy commodities that are in high demand. Our near term objective is to rapidly progress the development of these assets to create value for all our new and existing shareholders,” said executive chairperson Robert Martin.
The company holds the White Knight kaolin and Nova silica sands projects, in Western Australia.