- West Wits Mining (WWI) has completed a $3.4 million cap raise
- The company has issued over 161 million ordinary shares for 2.1 cents each to institutional investors
- West Wits will use the funds to complete works on its Witwatersrand project, as well as complete a feasibility study and an infill drilling program
- The company will also pay for an airborne geophysics survey for its Western Australian property, located in the Paterson Province in the Pilbara region
- West Wits Mining shares are steady at market open, trading for 2.6 cents
West Wits Mining (WWI) wrapped up its $3.4 million cap raise on Friday, with the Victoria-based junior issuing 161 million fully paid ordinary shares to sophisticated investors.
The capital raise received twice as many bids as offered shares, showing the company has generated significant interest in this gold-friendly environment.
The shares went for 2.1 cents each, with WWI stating the funds will be used to advance operations on a pair of projects the company is advancing.
West Wits will also use the funds to complete a bankable feasibility study on the Qala Shallows deposit at the company’s Witwatersrand Basin project.
The project already has a 3.65 million gold ounce resource estimate, with the company hoping to complete some more infill drilling to increase the ounce per tonne grade of that resource.
That infill drilling will be conducted on the Kimberley East underground project at Witwatersrand.
At the company’s other project, Mt Cecelia, West Wits is planning to use the funds to conduct an airborne geophysics survey.
The project, located in the massively productive Paterson Province mining region in Western Australia’s Pilbara region, is the company’s next cab off the rank once it gets the Witwatersrand project up to production.
Jac van Heerden, Managing Director of West Wits, said the $3.4 million capital raise would provide the company with “the funding to rapidly advance the BFS and infill drilling program at WBP,” which he said were “key steps” in the company’s mid-2021 production target.
“The funds also enable West Wits exploration team to commission airborne geophysics surveys at the highly prospective Mt Cecelia project in the Paterson province of Western Australia which have been fundamental to recent discoveries such as RIO’s WINU project in the region," Jac stated.
“The support for this raising is a strong endorsement of our plans to rapidly advance WBP and ramp up exploration at Mt Cecelia,” Jac stated.
West Wits Mining shares are steady at market open, trading for 2.6 cents at 10:20 am AEST.