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Be the first with the news that moves the market- West Wits Mining (WWI) enters into an equity placement agreement with SBC Global Investment Fund
- The agreement will give West Wits up to $75 million of standby equity capital over two years
- Some of the funds will be used to advance the company’s 4.28 million ounce gold Witwatersrand Basin Project (WBP) in South Africa
- WWI shares are up 16.7 per cent and trading at 2.8 cents per share at 2:24 pm AEST
West Wits Mining (WWI) has entered into an equity placement agreement with SBC Global Investment Fund.
The agreement will give West Wits up to $75 million of standby equity capital over two years.
According to the company, this equity financing facility is intended to operate as a standby financing mechanism to provide for flexible management of working capital through progressive drawdowns at WWI’s sole discretion.
Each placement requested by WWI under the agreement is subject to either having the available placement capacity to issue in shares or shareholder approval.
Some of the funds will be used to advance the company’s 4.28 million ounce gold Witwatersrand Basin Project (WBP) in South Africa.
In addition, WWI has advanced its core debt funding program via African-focused corporate adviser, Taurum International, to secure project finance for WBP.
“We are pleased to secure the agreement with North American investor SBC Global Investment Fund which provides the company flexibility to manage capital requirements whilst focusing on the longer strategic financing for development of the WBP,” Chairman Michael Quinert said.
“The agreement extends the company’s reach into the North American market with the investor having a clear view of the strong upside potential offered by WWI’s marque 4.28 million ounce gold project.”
On the market, WWI was up 16.7 per cent and trading at 2.8 cents per share at 2:24 pm AEST.
