Source: WestStar Industrial
Market Herald logo

Find out more about this capital raise

Be the first with the news that moves the market
  • WestStar Industrial (WSI) begins the week in a trading halt in preparation for a capital raising and material contract award
  • The company will remain in the halt until November 10 or when more details are released, whichever occurs first
  • On November 1, WestStar’s subsidiary SIMPEC began contruction activities on the Iron Bridge Magnetite Project Wet Processng Plant in Western Australia
  • This processing plant is a key part of the new magnetite mine which will produce 22 million wet tonnes of high-grade magnetite concentrate product per year
  • Shares in WestStar Industrial last traded at 2.5 cents on November 4

WestStar Industrial (WSI) has begun the week in a trading halt in preparation for a capital raising and material contract award.

The company will remain in the halt until November 10 or when more details are released, whichever occurs first.

WestStar is yet to disclose how much it intends to raise or what it will use the funds for once received.

On November 1, WestStar’s subsidiary SIMPEC began construction activities on the Iron Bridge Magnetite Project Wet Processing Plant in Western Australia.

This project is a joint venture between FMG Magnetite, a subsidiary of Fortescue Metals (FMG), and Formosa Steel.

SIMPEC is at the site and the crew has begun execution of the new magnetite mine. Further, staff onboarding is continuing with almost 100 staff at the project.

This processing plant is a key part of the mine which will produce 22 million wet tonnes of high-grade magnetite concentrate product per year.

Shares in WestStar last traded at 2.5 cents on November 4. The company has a $24.38 million market cap.

WSI by the numbers
More From The Market Herald
The Market Herald Video

" Aurora Energy Metals (ASX:1AE) defies market pressures with solid ASX debut 

Aurora Energy Metals (ASX:1AE) continues to defy market pressures on day two of trading, with shares up…
Invictus Energy (ASX:IVZ) - Non Executive Chairman, Dr Stuart Lake

" Invictus Energy (ASX:IVZ) enters trading halt for capital raise

Invictus Energy (ASX:IVZ) has placed its shares in a trading halt pending the release of a…
Australian Vanadium (ASX:AVL) - Managing Director, Vincent Algar

" Australian Vanadium (ASX:AVL) enters mid-week trading halt

Australian Vanadium (ASX:AVL) has entered a mid-week trading halt pending an upcoming capital raising.
The Market Herald Video

" Capital raising and IPO news: Orcoda (ASX:ODA) raises for vehicle buy

Logistic tech business Orcoda (ASX:ODA) raised just over $1.25 million through a placement and share purchase plan to…