- West Wits Mining (ASX:WW1) receives firm commitments to raise $1.2 million through a share placement
- The placement extends to both current and newly identified unrelated, sophisticated, and professional investors
- Far East Capital and Ignite Equity will act as joint lead managers for the placement
- The funds will be used for the installation of utility and infrastructure, site management and production planning at Qala Shallows, WA
- WW1 last traded at 1.4 cents
West Wits Mining (ASX:WW1) has received firm commitments to raise $1.2 million through a share placement.
The placement has been extended to both current and newly identified unrelated, sophisticated, and professional investors. Far East Capital and Ignite Equity will act as joint lead managers for the placement.
“With gold now trading around US$2000 per ounce, the timing for West Wits’ gold project is good,” WW1 Chair Michael Quinert said.
“Thanks again to those shareholders who have been steadfast in their support of the company. We are now on the cusp of developing South Africa’s newest gold mine in one of the most favourable price environments in recent history.”
The funds raised will go toward the installation of utility and infrastructure, site management, and production planning at Qala Shallows. It will also be allocated to an extension of the prospecting right, and working capital.
This placement includes the issuance of 109,090,909 fully paid ordinary shares at the rate of 1.1 cents per placement share. Placement shares will be assigned on November 8, 2023.
WW1 last traded at 1.4 cents.