West Wits Mining Ltd (ASX:WWI) has secured firm commitments from existing and new, sophisticated and professional investors to raise $1.5 million before costs via a share placement at $0.014 per share.
The funding will go toward advancing the Witwatersrand Basin Gold Project in South Africa, supporting working capital, infill drilling to convert the mineral resource estimate into an ore reserve, and critical infrastructure at the Qala Shallows mine site.
Targeting increase to ore reserve
“We are pleased with the take up of the $1.5 million placement, which was oversubscribed, and to provide the opportunity to existing shareholders to participate via the share purchase plan (SPP),” West Wits Mining managing director Jac van Heerden said.
“Funding enables the company to commence the in-fill drilling program which aims to double the current ore reserve of 290,000 ounces gold, install critical infrastructure and maintain operational readiness at Qala Shallow to move into production.
“Having secured the Toll-Processing Agreement with Sibanye-Stillwater in the fourth quarter of 2022, the company is advancing discussions with potential funders and we look forward to being able to update the market on this in due course.”
As stated by managing director Heerden, WWI will also offer a share purchase plan to eligible shareholders to raise up to $1 million in additional funds.