Join our daily newsletter At The Bell to receive exclusive market insights
- West Wits Mining (WWI) looks to raise $9.3 million capital raise to advance the development of its Witwatersrand Basin Project
- The company completed the $1.6 million placement to raise $1.6 million at 3.2 cents per share
- West Wits is now looking to raise a further $7.86 million at three cents per share through a rights issue
- Funds raised will be used to continue the underground mine development and early mines initiative at the Witwatersrand Basin Project
- On the market this morning, West Wits is down 15.4 per cent and is trading at 3.3 cents per share
West Wits Mining (WWI) has announced it is looking to raise $9.3 million capital raise to advance the development of its Witwatersrand Basin Project.
The company has just completed a placement to raise $1.6 million, offering shares at 3.2 cents per share.
West Wits is now looking to raise a further $7.86 million at three cents per share through a rights issue.
The rights issue is a one for six non-renouncement pro-rata rights issue being offered to eligible shareholders.
Evolution Capital has agreed to underwrite the significant majority, 97 per cent, of the rights issue.
Funds raised will be used to continue the underground mine development and early mines initiative at the Witwatersrand Basin Project towards first ore production in the first quarter of 2022.
Commenting on the raise is Managing Director, Jac van Heerden.
“Following the granting of the mining right and completion of the Qala Shallows definitive feasibility study in the third quarter of 2021, West Wits has rapidly advanced site establishment, mine development and the Early Mining Initiative at the Witwatersrand Basin Project in South Africa,” he said.
“The additional funding will allow us to continue the momentum towards first ore
production scheduled for first quarter 2022, in addition to progressing our exploration at the Mt Cecelia Project in Western Australia.”
On the market this morning, West Wits was down 15.4 per cent and is trading at 3.3 cents per share at 11:34 am AEDT.
