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- Western Areas (WSA) is looking to raise $100 million for the development of the Odysseus underground mine in Western Australia
- The equity raising will be raised through a placement and share purchase plan
- Shares will be issued at $2.15, representing an 8.1 per cent discount to the last closing price
- The raise will provide funding for the development of Odysseus, where development is progressing on schedule
- Company shares will be paused until Thursday, March 11, or when it completes the placement, whichever occurs first
- WSA shares last traded at $2.34 per share on March 8
Western Areas (WSA) is looking to raise $100 million for the development of the Odysseus underground mine in Western Australia.
The equity raising will include placement and share purchase plan (SPP). The company will issue shares to investors at $2.15, representing an 8.1 per cent discount to the last closing price.
The raise will provide funding for the development of Odysseus, where development is progressing on schedule.
Notably, the first concentrate production at Odysseus is targeted in the middle of 2023’s financial year. Once in a steady-state, production delivery of 14.6 kilotonnes of nickel in concentrate per annum is targeted at the mine.
“Advance rates being achieved while also providing funding for Western Areas’ exploration portfolio where we hope to make significant progress in 2021,” Managing Director Dan Lougher said.
“With greater balance sheet flexibility, the company will be able to take advantage
of opportunities within the portfolio and maximise returns to our shareholders,” he added.
Company shares will be paused until Thursday, March 11, or when it completes the placement, whichever occurs first.
WSA shares last traded at $2.34 per share on March 8.
