- West Wits Mining (WWI) ends the week in a trading halt as it plans an upcoming capital raise
- So far, it is unknown how much the company is aiming to raise or where the funds will be spent
- Under the halt, West Wits shares will be paused until Tuesday, August 3, or when more details about the raise are released to the market
- On the market, West Wits last traded at 6.9 cents per share
West Wits Mining (WWI) has entered into a trading halt ahead of an upcoming capital raise.
Currently there are no details on how much the company is aiming to raise or what for.
Under the halt, West Wits shares will be paused until Tuesday, August 3, or when more details about the raise are released to the market.
West Wits is an exploration and development company targeting gold in two regions – Witwatersrand in South Africa and the Pilbara in Australia.
Last week, the company was granted mining rights for the Witwatersrand Project.
The decision took longer than expected but the company has now received formal communication of the application outcome from South Africa’s Director General of the Department of Mineral Resources and Energy (DEF).
Chairman Michael Quinert is pleased with the decision.
“The granting is a testament to the quality and thoroughness of the engagement process undertaken by our lawyers, specialist consultants and the executive team led by Managing Director, Jac van Heerden,” he said. “It comes at a critical time with the independent Definitive Feasibility Study on the Qala Shallows nearing completion.”
On the market, West Wits last traded at 6.9 cents per share.