Sheffield Resources executes investment agreement and cap raise
Listed mineral sands-focused company Sheffield Resources Limited (ASX: SFX) has been advised on its execution of an investment agreement and an associated $30 million capital raising.
Firm: Norton Rose Fulbright (Sheffield Resources)
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Deal: Sheffield has executed an investment agreement with the current shareholders of Rio Grande Mineração S/A and completed a $30 million capital raising comprising a placement to sophisticated and institutional investors and a pro-rata entitlement offer to eligible shareholders.
Area: Capital markets
Value: $30 million
Key players: The NRF team was led by partner David Jewkes, who was supported by senior associate Mauricio Da Rocha and associate Ellen Pen.
Deal significance: The investment agreement, NRF said, provides Sheffield with an option to acquire an initial interest of 20 per cent in RGM and then increase that interest upon the achievement of certain key milestones.
Mr Jewkes said: “We are delighted to have supported Sheffield on this assignment.
“The South Atlantic Project option gives Sheffield an opportunity to expand its asset portfolio, and the successful capital raising will provide funds for that opportunity, as well as the growth of Sheffield’s flagship Thunderbird project.”