Winmar raises cash for cobalt buy
PERTH (miningweekly.com) – ASX-listed Winmar Resources will raise some A$3.1-million through a share placement to fund a due diligence on a potential new cobalt acquisition, in the Democratic Republic of Congo.
The company on Tuesday said that it will issue more than 425.2-million shares, under its current placement capacity, at 0.5c a share, to raise an initial A$2.1-million, while a further A$1-million share placement will be subject to shareholder approval.
Winmar chairperson Jason Brewer said that the company was pleased with the level of support received for the placement.
“We have raised capital at the highest price level that this company has secured funds at for almost four years. Investors and shareholders have indicated their support for our strategy and now we have to deliver,” he added.
Brewer said that the funding commitment allowed Winmar to move forward aggressively and pursue its strategy of securing highly prospective cobalt projects that could be brought into production.
“The cobalt sector is experiencing record demand, with prices in excess of $87 000/t at record multi-year highs, and is incredibly competitive. To have secured this funding puts us in a position of strength to move quickly on project opportunities as they arise and efficiently complete our due diligence and acquisition negotiations.”
Winmar has meanwhile also appointed Airguide International as its strategic adviser to facilitate and advise the company on key relationships and a broader strategic work programme to secure value adding commercial agreements with counter-parties.
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