Westar Resources Ltd (ASX:WSR) has completed its two-tranche placement to raise $2 million and has welcomed several high quality new and existing sophisticated and professional investors, including Lowell Resources Fund (ASX:LRT) as a substantial shareholder of the company.
Read: Westar Resources raises $2 million to accelerate exploration in WA
The placement was completed following strong shareholder approval at the recent general meeting held on May 18, 2022.
“We are delighted with the response from shareholders to approve tranche 2 of the recently announced placement. The funds will allow the company to continue to explore our West Australian gold and base-metal projects," Westar managing director Karl Jupp said.
"We are also delighted to welcome Lowell Resource Fund as a substantial shareholder and welcome their support.”
The money will allow Westar to progress exploration activities at the Gidgee North project, with drilling of multiple VMS style base-metal targets (copper-zinc-silver-gold).