SHEFFIELD TO RAISE $32 MILLION THROUGH PLACEMENT AND UNDERWRITTEN SHARE PURCHASE PLAN
Written on the 27 October 2017
Sheffield Resources Limited ("Sheffield" "the Company") (ASX: SFX) is pleased to announce it has received commitments to raise $30 million (before costs), through a placement of 42,857,143 million fully paid ordinary shares at an issue price of $0.70 per share ("the Placement"), to continue the development of the world-class Thunderbird Mineral Sands Project ("Thunderbird Project").
Following a significant over subscription and scale back, the Company has welcomed a number of new institutional investors through the Placement. The Placement price represents a 9.3% discount to the 15 day volume weighted average price of Sheffield shares up to and including Friday, 20 October 2017.
Proceeds of the Placement and SPP will be used to continue the development of the Thunderbird Project. This will include commencement of early works construction and engineering activity, procurement of long lead items, finalising offtake and financing arrangements and continue with Aboriginal employee training and work ready preparedness, as well as working capital and general corporate purposes.
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