PERTH (miningweekly.com) – Junior WCP Resources will raise A$5.5-million through the placement of 56-million shares to accelerate exploration and development activities at the Piedmont lithium project, in the US.
The company on Friday announced that the shares will be placed at a price of 9c each to institutional and sophisticated investors, with the issue price representing a 10% discount to WCP’s last closing price on the ASX.
The shares will be issued under the company’s placement capacity and will not require shareholder approval.
Funds will be used to complete additional drilling at Piedmont, completing a maiden lithium resource estimate, and starting technical studies at the project, WCP said on Friday.