West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert speaks with Proactive after the company announced it has secured a written expression of interest and indicative funding terms from Wingfield Partners to provide a debt facility of US$10 million (~A$15.7 million) to finance the Qala Shallows Project, the first operation at the company’s Witwatersrand Basin Project near Johannesburg in South Africa. Houston, Texas-based Wingfield, which is West Wits’ largest shareholder, has assembled a consortium of Texas based investors to provide this facility. This funding, in conjunction with that contemplated under the earlier Industrial Development Corporation (IDC) expression of interest, would bring loan facilities to some US$26 million or almost 50% of the total funding requirements over the three years build-up phase of the project.
West Wits Mining says additional debt funding is key step forward
