Junior explorer Sheffield Resources has opened its Initial Public Offer to raise $7 million with a view to listing on the Australian Securities Exchange in mid December.
Junior explorer Sheffield Resources has opened its Initial Public Offer to raise $7 million with a view to listing on the Australian Securities Exchange in mid December.
In a statement to the Australian Securities Exchange, Sheffield said the funds raised via the IPO would be used to fast-track exploration and development of its talc, iron ore, heavy mineral sands and tungsten projects.
Sheffield is being headed by Bruce McQuitty and David Archer who previously founded Warwick Resources.
Perth-based corporate advisors, Triple C Consulting and Oracle Securities, are acting as joint brokers for the IPO.
The company has over 6,000 km2 of prospective tenements in WA.
"Its projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (high-grade talc, zircon, titanium)," the ASX statement said.
See company statement below:
Junior explorer Sheffield Resources today opened its Initial Public Offer (IPO) to raise $7 million with a view to listing on the ASX in mid December, 2010.
Sheffield's management team, which previously founded successful iron ore explorer Warwick Resources Limited, is headed by experienced geologists, Bruce McQuitty and David Archer.
The team previously grew Warwick to a market capitalisation of $80 million prior to its merger with Atlas Iron Limited (ASX:AGO, current market capitalisation: $1.6 billion) in 2009. Perth-based corporate advisors, Triple C Consulting and Oracle Securities, are acting as joint brokers to Sheffield Resources and have provided firm commitments to raise $7 million under the IPO.
Sheffield has over 6,000 km2 of prospective tenements within Western Australia. Its projects are geared towards the steel industry feed cycle (iron ore and tungsten) and the emerging fillers-ceramics-pigments cycle (high-grade talc, zircon, titanium).
Managing Director, Bruce McQuitty said Sheffield has positioned itself to take advantage of rising mineral sands prices by securing a number of advanced heavy mineral sands projects within the North Perth Basin. The Company has also built a dominant tenement holding within the Moora Talc Belt in addition to its iron ore and tungsten projects in the Pilbara and Kimberley regions.
"We have a large, strategic tenement holding in the Moora Talc Belt, and are confident this represents a unique opportunity for investors to gain exposure to one of the few high-grade talc explorers in the world.
"This ground has been exclusively controlled by major mining companies for the past 50 years," Mr McQuitty said.
Funds raised under the IPO will be used to fast-track exploration and development of its talc, iron ore, heavy mineral sands and tungsten projects.
On completion of the IPO, Sheffield Resources will have a market capitalisation of approximately $11 million.