10/12/2010 - 11:51

Sheffield Resources closes $7m IPO

10/12/2010 - 11:51

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Bulk minerals explorer Sheffield Resources has closed its $7 million initial public offer a week early after it was substantially oversubscribed.

Sheffield Resources closes $7m IPO

Bulk minerals explorer Sheffield Resources has closed its $7 million initial public offer a week early after it was substantially oversubscribed.

The IPO aimed to raise $5 million, but accepted an additional $2 million.

Sheffield issued a total of 35 million shares at an issue price of 20 cents each.

The funds raised under the IPO will be used to fast-track exploration and development of the company's WA projects.

Sheffield's chairman Will Burbury said the strong interest in the IPO reflected the quality of the company's projects and its strong management team.

"The offer opened and was oversubscribed in a week which is a terrific result," he said.

"On behalf of the Board, I would like to welcome our many new shareholders and congratulate the Sheffield team and its advisors on successfully completing this transaction," he said.

Corporate advisors Triple C Consulting and Oracle Securities acted as joint brokers to the IPO.

Sheffield hopes to list on the ASX next Tuesday December 14.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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