Strandline Resources raising $30m; Barrenjoey, Morgans, Shaws hired

afr.com:

WA and Tanzania mineral sands explorer Strandline Resources has mandated three brokers for a $30 million equity raising to finalise commissioning of its Coburn project.

Strandline Resources’s flagship project is the Coburn mineral sands deposit in WA. 

Strandline had Barrenjoey, Morgans, and Shaw and Partners running meetings with cornerstone investors on Friday morning. Its shares were halted until Tuesday as the company worked through the raising.

Strandline shares last closed at 22¢ apiece to be down 43.6 per cent over the past 12 months.

Coburn, situated near WA’s Geraldton port, is its flagship project. Strandline expects to release a scoping study by year-end and currently has its expansion plans under review.

It has sold seven shipments of concentrate from Coburn totalling 65,000 tonnes and $69 million.

It has a 37-year-mine-life, with 20 million tonnes of in situ heavy mineral. It would produce zircon, titanium (rutile and ilmenite) and monazite minerals (rare earths).