The issue price for the shares to be issued under the placement and SPP is A$0.65 per share, which represents a 13.3% discount to Sheffield’s closing price of Sheffield shares on the ASX on 5 December 2018. Settlement of the placement is expected to occur on 12 December 2018.
The proceeds of the placement and SPP will be used to enable Sheffield to:
- Formally evaluate and progress potential strategic partner interest, received from a range of credible parties, to develop the Thunderbird Project.
- Advance the detailed engineering and design for Thunderbird Project that has been well progressed by GR Engineering Services Limited during 2018.
- Continue key early works including design and scheduling activities in advance of the construction of the accommodation village, access roads and other infrastructure for the Thunderbird Project.
- Fund Sheffield's corporate administration costs, including transaction costs.
The Ashurst team was led by corporate partners Roger Davies and Antonella Pacitti, supported by senior associate Themo Georgiou, and lawyers Jacob Carmody and Toby Newnes.
