Strandline Resources readies placement; Shaw and Partners on ticket. News04 Aug 2020

Mineral sands explorer Strandline Resources was expected to press go on a capital raising on Tuesday morning.

 

Street Talk understands the $105 million company – which has projects in Western Australia and Tanzania – was on the hunt for $18.5 million in fresh equity, through a placement of new shares.

 

The placement was expected to be priced at 21.5¢ a share, which represented a 10.3 per cent discount to Strandline's five-day VWAP. Strandline's shares last traded at 24¢.

 

Shaw and Partners was lead manager and underwriter on the deal.

 

Strandline owns two zircon and titanium mineral sands projects that are ready to be developed – the Coburn project in WA and the Fungoni project in central Tanzania – as well as a handful of exploration projects.

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