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- West Wits Mining (WWI) enters into a trading halt ahead of a capital raise
- Currently, there are no details on how much the company is aiming to raise or where it plans to spend the money
- The halt means company shares will be paused until Thursday, August 11, or when further information has been released to the market
- Shares in West Wits is halted at 2.3 cents on August 9
West Wits Mining (WWI) has entered into a trading halt ahead of a capital raise.
There is currently no details on how much the company is aiming to raise or where it plans to spend the money.
Under the halt, company shares will be paused until Thursday, August 11, or when further information has been released to the market.
West Wits is an exploration and development company with a focus on high value precious and base metals, particularly gold in Australia and South Africa.
The company has had a busy quarter, including acquiring its BEE partner Lilitha Resources’ interest in its subsidiary West Wits Mining SA.
The acquisition increased its direct ownership interest of the Witwatersrand Basin Project to 74 per cent and simplifying its corporate structure.
The company had also entered into an equity placement agreement with SBC Global Investment Fund which effectively gives West Wits up to $75 million of standby equity capital over two years.
According to West Wits, the facility provided the company flexible management of working capital through progressive drawdowns at its sole discretion.
Shares in West Wits was halted at 2.3 cents on August 9.
