PERTH (miningweekly.com) – Junior Winward Resources has raised A$6-million from a share placement to institutional and sophisticated investors to advance exploration work at its Fraser Range nickel/copper projects, in Western Australia.
The company said on Monday that it had received firm commitments for 20-million ordinary paid shares, at a price of 30c each, to raise the capital. The placement would be undertaken within Winward’s existing capacity, and as such would not require shareholder approval.
MD David Frances said the strong support for the raising was a testament to the quality of the company’s Fraser Range exploration projects, and the systematic work, which the company completed over the past two years, to deliver a strong pipeline of drill targets.
“It is encouraging to see that there is still strong support for focused exploration stories, even in the current difficult market,” Frances said.
Funds raised would be used to drill test several high-quality targets in the Fraser Range North project, while regional- and prospect-scale exploration would also continue at Fraser Range North and Fraser Range South.