03/09/2009 - 13:12

Atlas backs Shaw River's $5m raising

03/09/2009 - 13:12

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West Perth-based Shaw River Resources plans to raise up to $5 million through a placement with its largest shareholder, Atlas Iron, backing the raising.

West Perth-based Shaw River Resources plans to raise up to $5 million through a placement with its largest shareholder, Atlas Iron, backing the raising.

Hartleys will manage the placement of up to 33.33 million shares at 15 cents each to sophisticated investors.

Atlas and other shareholders, including OM Holdings, have participated in the placement.

Funds raised will be used to accelerate exploration of Shaw's manganese projects in the Pilbara, in particular the Baramine project.

Shares in Shaw dipped 0.5c to 17.5c at 14:51 AEST.

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