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- WA1 Resources (WA1) secures $15 million in funding to expedite exploration activities and development studies at its West Arunta project in WA
- The placement issue price was $5 a share, a five per cent discount to the 10-day VWAP to WA1 shares
- It comprises two tranches, with the first raising $12.8 million through the issuance of 2.6 million new shares
- The funds will also cover administration/corporate costs and fulfil general working capital requirements
- WA1 shares up 2.67 per cent, trading at $5.39 at 12:15 pm AEST
WA1 Resources (WA1) secured $15 million in funding to expedite exploration activities and development studies at its West Arunta project in Western Australia.
The company garnered firm commitments from institutional investors at a placement issue price of $5 per share.
This issue price represents a five per cent discount to the 10-day VWAP (volume-weighted average price) of WA1 shares.
WA1’s placement comprises two tranches. The first tranche has already obtained approval, raising $12.8 million before expenses and involving the issuance of 2.6 million new shares.
The second tranche, which is set for shareholder approval in early October, will raise an additional $2.2 million through the issuance of 400,000 new shares.
The funds will not only facilitate exploration and development activities but also cover administration/corporate costs and fulfil general working capital requirements.
“Our team has also continued to grow to support a number of development activities in line with our long-term, structured approach to fast-tracking project development aspects, and this additional funding enhances our ability to do so,” WA1 Managing Director Paul Savich said.
WA1 shares were up 2.67 per cent, trading at $5.39 at 12:15 pm AEST.
