Woomera raises cash for Mt Venn buy
PERTH (miningweekly.com) – ASX-listed Woomera Mining will raise more than A$3-million to fund its acquisition in the Mt Venn gold project, in Western Australia.
Woomera last week signed a share purchase agreement with fellow-listed Cazaly Resources to purchase Yamarna West, a wholly owned subsidiary of Cazaly, and the holder of the Mt Venn project.
Woomera on Monday said that it had raised an initial A$529 403 through the placement of more than 21.1-million shares, at a price of 2.5c each to sophisticated and professional investors.
In conjunction with the placement, Woomera also launched a 1-for-1.2 pro-rata non-renounceable rights offer to eligible shareholders, to raise a further A$2.7-million. Subscribers in the rights offer will also receive one free attaching option for every two shares subscribed for, exercisable at 8c each within a 24-month period.
Some A$980 000 of the funds will be used for the 80% acquisition of the Mt Venn project, while a further A$1.2-million will go towards exploration of the gold project, with a further A$853 000 earmarked for working capital expenses.
Mt Venn consists of two granted exploration licences covering 390 km2, with the tenements thought to be highly prospective for gold, nickel, and nickel/copper/cobalt deposits.
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