- Carawine Resources (CWX) launches a $4.9 million placement to fund exploration at the Tropicana North and Fraser Range projects in WA
- The company is issuing 27.4 million shares to professional and sophisticated investors at 18 cents each, an 8.9 per cent discount to the 15-day volume-weighted average price
- The placement has also received cornerstone support from major shareholder Christopher Wallin, whose stake in CWX will increase to 19 per cent
- Managing Director David Boyd says he looks forward to a highly active period ahead with multiple programs and a steady flow of results expected
- CWX ends the day 10.5 per cent in the green to close at 21 cents
Carawine Resources (CWX) has received commitments to raise $4.9 million through a placement.
The materials stock went into a trading halt yesterday regarding the upcoming raise but did not disclose any details.
According to today’s announcement, the placement received strong support from existing professional and sophisticated investors, as well as cornerstone support from CWX’s major shareholder, Christopher Wallin, whose interest will increase to about 19 per cent once the placement has been completed.
Carawine will issue roughly 27.4 million shares at 18 cents each which represents an 8.9 per cent discount to the 15-day volume-weighted average price.
The money will be used to advance exploration activities at the Tropicana North and Fraser Range projects in Western Australia. Specifically, the company will allocate funds to a planned drilling program at Tropicana North, geophysical programs at Big Bang, and follow-up drilling at two recent discoveries.
“Recent high-grade gold results from Tropicana North have given us the confidence and drill targets to expand our exploration drilling programs. The funds from this placement will enable us to continue these programs throughout the coming months and into 2022.” Managing Director David Boyd said.
“We appreciate the strong support of our existing shareholders and look forward to a highly active period ahead of us, with multiple programs and a steady flow of results expected.”
CWX ended the day 10.5 per cent in the green to close at 21 cents.