- WA1 Resources (WA1) secures $10 million from Regal Funds Management for its West Arunta project in Western Australia
- The funding was obtained through a placement of 3.6 million shares subscribed for by Regal at $2.75 per share, representing a two percent discount to the five-day volume weighted average price (VWAP)
- Majority of the funds will be used for expanding exploration activities and development studies at West Arunta
- On completion of the placement, WA1 will have $20 million cash on hand
- WA1 shares are down 1.69 per cent, trading at $2.91 at 3:05 pm AEST
WA1 Resources (WA1) has secured $10 million exclusively from Australian investor, Regal Funds Management, to progress its West Arunta project in Western Australia.
The funding came via a placement of 3.6 million shares at $2.75 each — all of which were subscribed for by Regal.
The offer represents a two per cent discount to the five-day volume weighted average price (VWAP).
Majority of the funds will be used to expand exploration activities and development studies at West Arunta, including a new diamond drill rig.
WA1’s Managing Director Paul Savich reported the rig will arrive on site later this month, to “complement” the existing reverse circulation drill rig on site.
“This ongoing drilling is designed to support a maiden mineral resource estimate at the Luni carbonatite in the second half of 2023, alongside follow-up step out exploration drilling at the P2 carbonatite discovery,” Mr Savich said.
“In addition, the company is commencing a number of development activities and
progressing mineralogical assessments to inform initial process test-work programs.”
Once the placement has wrapped up on May 17, WA1 will have $20 million cash on hand, with a total 53.4 million shares on issue.
WA1 shares were down 1.69 per cent, trading at $2.91 at 3:05 pm AEST.
