- Woomera Mining (WML) receives binding commitments to raise $1.45 million via a share placement
- The company will issue more than 96.1 million shares to institutional, sophisticated and professional investors at 1.3 cents each
- WML will also undertake a one-for-five pro-rata non-renounceable entitlement offer to raise a further $2.03 million
- Woomera will use the money to fund its lithium projects as well as the Wyloo Dome joint venture (JV), Mt Venn JV, Musgrave and Labyrinth projects
- Shares have fallen 32.6 per cent and are trading at 1.6 cents at 12:36 pm AEDT
Woomera Mining (WML) has received binding commitments to raise $1.45 million via a share placement.
The funds will be raised through the issue of over 96.1 million shares to institutional, sophisticated and professional investors at 1.3 cents each.
This represents a 23.12 per cent discount to the 15-day volume-weighted average price.
Subject to shareholder approval, $200,000 worth of shares will be allocated to company directors.
Shares will settle on October 17 and be issued on October 18.
Woomera will also be undertaking a one-for-five pro-rata non-renounceable entitlement offer to raise a further $2.03 million. Shares will be priced the same as the placement of 1.3 cents.
Eligible shareholders that take up their full entitlement may apply for additional shares that were not taken up by shareholders.
The entitlement offer will open on October 28 and close on November 15.
Woomera will use the money to fund its lithium projects as well as the Wyloo Dome joint venture (JV), Mt Venn JV, Musgrave and Labyrinth projects.
Shares in Woomera were down 32.6 per cent and were trading at 1.6 cents at 12:36 pm AEDT.