West Wits Mining Ltd (ASX:WWI) has raised $665,200 from a placement and share purchase plan (SPP), which included participation by directors and management.
The company is advancing its Witwatersrand Basin Gold Project (WBP) in South Africa and the Mt Cecelia Gold Project in WA's Pilbara region.
Funds raised will assist the company to accelerate the completion of the WBP mining right/permit applications and progress development of the Kimberley East underground project.
READ: West Wits Mining’s data review highlights prospectivity of Mt Cecelia project in WA
West Wits’ chairman Michael Quinert said: “The board appreciates the ongoing support from shareholders as the company begins to ramp up operations at the Witwatersrand Basin Project.
“The funds raised enable the board to accelerate the completion of the mining right application, as well as to commission studies to progress the development of WBP’s first underground target area.
“West Wits is moving closer to unlocking the significant value of the resource already established through the exploration phase.
“Director and management’s interests applications of $80,000 demonstrate our firm belief in the project’s underlying value.”