Shaw River completes $3m raising

Shaw River Resources Ltd has completed a $3 million raising with funds to go towards exploration efforts in the Pilbara.

The West Perth-based company said it had raised some $2.7 million through a share placement and $312,000 through a share purchase plan.

Shaw's major shareholder, Atlas Iron Ltd, subscribed for $1.35 million worth of shares to maintain its interest of 43.74 per cent.

Shaw said the funds will be used on its manganese exploration assets.

"We are delighted with the support from our existing shareholders, particularly Atlas Iron, and new investors," managing director Vincent Algar said.

"Completion of the capital raising ensures Shaw River remains well funded to progress manganese exploration at Baramine and Mt Minnie where Shaw River will be focusing its efforts over the coming year."