Waratah Minerals raises A$30m to accelerate Spur drilling
ASX-listed Waratah Minerals said on Wednesday it had secured firm commitments to raise A$30-million through a share placement, with proceeds to accelerate exploration at its Spur gold/copper project in New South Wales.
The placement of about 52.2-million new shares will be priced at A$0.575 each, representing a 7.1% premium to the company’s five-day volume-weighted average price and a 16.1% premium to its 30-day average.
“I am delighted to announce this strategic placement, which was strongly supported by the company’s existing and new institutional investors,” MD Peter Duerden said. “The placement provides strong validation of the company’s strategy and will enable an acceleration of our exploration activities at the Spur gold/copper project.”
The raise will be split into two tranches: a first tranche of A$11.7-million using existing placement capacity under ASX rules, and a second tranche of A$18.3-million subject to shareholder approval at a meeting expected in late September.
Funds will go towards extensional and resource drilling at the Spur gold corridor, initial metallurgical testing, target definition work, and general working capital. Three drilling rigs are currently operating at the site, with results expected through the rest of the year.
Bell Potter Securities acted as sole lead manager and bookrunner, with Morgans Financial and Blue Ocean Equities as co-managers.
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