PERTH (miningweekly.com) – Junior WA1 Resources will raise A$15-million in an institutional share placement, the company said on Friday.
The company has received firm commitments for the placement of three-million new shares, in a two-tranche placement priced at A$5 a share, which represents a 5% discount to the company’s ten-day volume weighted average share price.
Tranche 1 will consist of around 2.6-million new shares to raise A$12.8-million under WA1’s existing placement capacity, while the second tranche will consist of 0.4-million shares, raising a further A$2.2-million, subject to shareholder approval.
WA1 told shareholders on Friday that funds raised from the share placement would primarily be used to fund ongoing exploration and development activities at the West Arunta copper/gold project, as well as for working capital.
“We continue to have two drill rigs operating at Luni which are completing ongoing infill and step-out drilling in support of the maiden mineral resource estimate planned for release in the first half of 2024,” said MD Paul Savich.
“Development activities are also gathering momentum with initial sighter testwork ongoing before upcoming metallurgical programmes commence. Our team has also continued to grow to support a number of development activities in line with our long-term, structured approach to fast-tracking project development aspects, and this additional funding enhances our ability to do so.”