Sheffield Resources Limited
(ASX:SFX) will raise up to $7 million to continue the development of its Thunderbird mineral sands project.
Thunderbird is located in Western Australia and a pre-feasability study has labelled it as the world’s best undeveloped mineral sands project.
Sheffield is hoping to raise $5 million through a placement to domestic and international sophisticated investors at 44 cents per share.
Another $2 million could be raised via a share purchase plan to eligible shareholders.
Sheffield Resources reported a net profit of $636,000 for the 2015 financial year.
