10/02/2012 - 12:44

Sheffield Resources to raise $10m

10/02/2012 - 12:44

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Sheffield Resources to raise $10m

Minerals explorer Sheffield Minerals has launched a $10 million capital raising to fund drilling and exploration programs at its Dampier Zircon and Enneabba mineral sands projects.

Sheffield announced today it would place up to 33.35 million shares at 30 cents per share to institutional and sophisticated investors, with Hartleys acting as broker to the offering.

Managing director Bruce McQuitty said the company was pleased with the support the placement received from investors.

“The strong demand ensures Sheffield is well-funded to advance the company’s Eneabba project, but more excitingly undertake drilling at our potentially world-class Dampier project,” Mr McQuitty said.

“Until recently Sheffield has very much flown under the radar, however, with the rapid advancement of the Eneabba project, the recent granting of tenements in our Dampier Zircon project, this $10 million in funding and our planned active drill programs we expect this to change in 2012.”

AT 12:40PM WST Sheffield shares had lost 7 per cent, to trade at 32.5 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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