Western Australia-based minerals company WA1 has received firm commitments for a placement to raise A$40-million for its flagship West Arunta gold and copper project.
Under the placement, the ASX-listed company will issue four-million new fully paid ordinary shares at A$10 each, representing a 5.5% discount to the 30-day volume-weighted average price.
“Successful completion of the placement leaves the company in its strongest financial position to date,” said MD Paul Savich.
The funds raised will be used for drilling and exploration, metallurgical test work, process and project studies and permitting activities at West Arunta.
“This additional funding supports continuation of major de-risking and critical path activities for the West Arunta project,” said Savich.
WA1’s stock closed at A$10.67 a share on Thursday.