Waratah Minerals Limited (ASX: WTM) (Company) is pleased to announce that it has received firm commitments to raise $5 million (before costs) via a share placement to institutional, sophisticated and professional investors at A$0.25 per share with 20 million new fully-paid ordinary shares to be issued ('Placement').
The Placement will occur in two tranches with the first tranche of approximately $1.8 million, under the Company's existing placement capacity under ASX Listing Rules 7.1 and 7.1A, followed by a second tranche of approximately $3.2 million, subject to shareholder approval. A Notice of Meeting will be distributed to shareholders on or around 21 August 2024 seeking to approve the second tranche. The Placement will enable Waratah to accelerate exploration at the Spur Project to follow up on the recent encouraging results.
The proceeds of the Placement will be used for: RC and diamond drilling, Target definition geophysics and geochemistry, and General working capital The Placement will comprise the issue of 20 million new fully paid ordinary shares (New Shares) at an issue price of $0.25 per share, which represents a 7.4% discount to last close price of $0.27 as at 1 August 2024. The New Shares will rank equally with the Company's existing shares on issue. Morgans Corporate Limited, Foster Stockbroking Pty Limited and Bell Potter Securities Limited acted as Joint Lead Managers.
Managing Director Peter Duerden said 'Waratah thanks its existing shareholders for their strong and continuing support while welcoming new shareholders to the register. The support reflects the quality of the evolving discovery opportunity at the Spur Project, with the company now in a strong position to test multiple targets for epithermal-porphyry gold-copper mineralisation'
Contact:
Tel: +61 8 6148 1000
Email: info@waratahminerals.com
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