- West Wits Mining (WWI) has announced a US$1 million capital raising, worth approximately AUD$1.45 million, to fund work and exploration
- The company signed a subscription agreement with U.S.-based investment group, Wingfield Capital Partners
- Under the agreement, West Wits has issued 1 million convertible notes with a conversion price of US$0.07 per share with a minimum term of 3-years
- The capital raising will fund further exploration and feasibility studies at the Witwatersrand Basin Project in South Africa
- In addition, the funds will be used for exploration at the Mt Cecelia Project in Western Australia
- Shares in West Wits Mining remained steady today, trading for 0.8 cents per share
West Wits Mining (WWI) has announced a US$1 million capital raising, worth approximately AUD$1.45 million, to fund work and exploration.
The company signed a subscription agreement with U.S.-based investment group, Wingfield Capital Partners.
Under the agreement, West Wits has issued 1 million convertible notes with a conversion price of USD$0.07 US cents (AUD$0.01) per share with a minimum term of 3-years.
The subscriptions come under two tranches. The first, for US$400,000 (AUD$580,000), does not require shareholder approval.
The second US$600,000 (AUD$870,000) is subject to shareholder approval at a general meeting.
West Wits’ Chairman Michael Quinert said the company has been searching for an investment partner who share the company’s long-term view.
“Wingfield, a successful Houston based investment group, has expressed strong support for the Company’s Witwatersrand project and a desire to support us over the long haul,” Michael commented.
“The US$1 million convertible note agreement will underpin our balance sheet and the Company’s securities register which will facilitate growth entering 2020,” he added.
The capital raising will fund exploration drilling at the K9A exploration target at the Witwatersrand Basin Project in South Africa.
Additionally, at the same project the capital will underpin feasibility studies for the Kimberley East Underground target.
In Western Australia, the funds will also be used for exploration at the Mt Cecelia Project in the East Pilbara.
Shares in West Wits Mining remained steady today, trading for 0.8 cents at market close.