- Westar Resources (WSR) has entered a trading halt as it prepares to raise fresh capital
- In a recent investor presentation, the gold and base metals explorer revealed some exploration and drilling plans for its projects in WA
- WSR finished the September quarter with $1.98 million in cash and said it remained funded for the rest of 2021
- Company shares last traded at 14 cents on November 5 and expects to come out of the halt by November 11
Westar Resources (WSR) has announced its intention to raise fresh capital.
The company entered a trading halt this morning regarding the raise but hasn’t disclosed how much it will raise nor how it will spend the money.
In a recent investor presentation, the gold and base metals explorer revealed some exploration plans for its projects in WA.
In the new year, Westar will undertake survey work, target modelling and 10,000 metres of drilling at the Gidgee North project. It also plans to carry out field mapping and roughly 2500 metres of drilling at Gidgee South.
A further 2000 metres of reverse circulation drilling is planned at its wholly-owned Winjangoo project in WA. In addition, Westar’s joint venture (JV) partner, Ramelius Resources (RMS) will undertake drilling at the Mt Finnerty and Parker Dome projects, which are part of the Southern Cross JV.
As of September 30, WSR had $1.98 million in cash and said it remained funded for the rest of 2021. The extra cash to be generated in the upcoming raise may support planned activities in the new year.
Company shares last traded at 14 cents on November 5 and expects to come out of the halt by November 11.