West Wits upsizes latest placement by A$6.2m
Following the announcement earlier this week of a share placement to raise A$27.5-million, ASX-listed West Wits Mining has increased the total under the placement to A$33.74-million owing to strong institutional investor interest.
The company received an increased commitment from Asia Pacific investment firm Tribeca Investment Partners of $10-million in the equity placement.
West Wits is advancing the Qala Shallows project, in South Africa, to produce 70 000 oz/y of gold over a 12-year period.
The increased placement provides balance sheet flexibility as the company optimises its senior debt solution.
Tribeca director and partner Ben Cleary says the firm is investing in West Wits for the first time as the company transitions into production. “We see a strong near-term catalyst at Qala Shallows, which is now commissioned, with first gold targeted for March. It marks the first new underground gold mine in South Africa in 15 years.
“Beyond this startup phase, the broader Witwatersrand Basin project provides meaningful scale and long-life growth potential as development expands beyond Qala Shallows,” he adds.
In turn, West Wits CEO Rudi Deysel says the upsized placement and increased commitment from Tribeca represent a strong vote of confidence in West Wits’ strategy and near-term production outlook.
Having secured A$33.7-million, Qala Shallows is now fully funded through to steady-state production.
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