Sheffield Resources in positive ASX debut
Bulk minerals explorer Sheffield Resources Ltd has made a positive debut on the Australian stock exchange following an oversubscribed initial public offer that raised $7 million.
Shares in Sheffield were up three cents, or 15 per cent, at 23 cents at 1532 AEDT after reaching a high of 24 cents in earlier trade.
The offer aimed to raise $5 million, but an additional $2 million worth of subscriptions were accepted, bringing the total public issues to 35 million shares at a price of 20 cents each.
The company will use the funds to fast-track exploration and development of its talc, heavy mineral sands, iron ore and tungsten projects in Western Australia.
"Sheffield has a substantial ground position in proven and emerging mineral provinces, with immediate drilling targets identified by historic exploration activity," the company said in a statement on Wednesday.
Its management team previously founded iron ore explorer Warwick Resources Ltd, which was taken over by iron ore producer Atlas Iron Ltd.
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