Western Areas Limited
(ASX:WSA) has advised it intends to sell its holding in a UK based titanium explorer, Bluejay Mining.
The Australian nickel sulphide producer’s holding in Blujay, equates to about 18.8 per cent of Bluejay’s shares on issue.
Western Areas expects if 100 per cent of its holding is sold, it should receive between $26.5 million and $27.5 million, net of costs this financial year.
It comes as Bluejay announced overnight, it intends to sell shares and conduct a private placement to institutional investors.
Shares in Western Areas Limited
(ASX:WSA) are trading flat at $2.06.
