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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ALBIS FLANGES — founded in 1965 — is a petro-chemical approved manufacturer of flanges and fittings in most grades of steel, listed with Sasol,...
VISIT SHOWROOM
John Thompson, the leader in energy and environmental solutions through value engineering and innovation, provides the following: design, engineer,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
