https://www.miningweekly.com
Exploration|Flow|Projects|Resources|Flow|Drilling
Exploration|Flow|Projects|Resources|Flow|Drilling
exploration|flow-company|projects|resources|flow-industry-term|drilling

Winsome raises A$60m for Canadian exploration

3rd February 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed Winsome Resources has announced a A$60-million capital raise to accelerate lithium exploration at its projects in Canada.

The capital raise will consist of a combination of flow-through shares (FTS), an institutional placement and a share purchase plan (SPP).

An initial A$19-million will be raised through the FTS provisions under Canadian tax law, with the shares to be placed at a price of A$4.18 each representing a 79% premium to Winsome’s last closing price. Some 4.58-million shares will be issued under the FTS provision.

Additionally, Winsome will also undertake an institutional placement of 15.5-million shares, at A$2 a share, being the same price as the FTS block trade, raising a further A$31-million. The offer price of the institutional placement represented a 14.2% discount to Winsome’s last trading price on February 1, and a 10% discount to the company’s five-day volume weighted average share price.

AN SPP is expected to raise a further A$10-million, with eligible shareholders allowed to subscribe for between A$2 500 and A$30 000 worth of new shares in the company, also at a price of A$2 each. Some 5-million shares will be placed under the SPP.

“Winsome Resources is excited to launch this capital raise, and to see the high level of interest from quality investors globally,” said MD Chris Evans.

“The additional working capital will allow the company to further ramp up exploration and resource drilling activities at Cancet and Adina as we work towards announcing maiden resources across our projects.

“The company continues to see exciting progress and results at Cancet and Adina, and that underpins our decision to pursue this raise and move even more aggressively towards declaring maiden resources and ultimately developing the projects toward lithium production.”

The funds raised will be used to expedite follow-up drilling at Adina and Cancet and to fund surveys and fieldwork as well as preliminary drilling campaigns at the company’s other projects.

Edited by Creamer Media Reporter

Comments

Latest News

Showroom

Rentech
Rentech

Rentech provides renewable energy products and services to the local and selected African markets. Supplying inverters, lithium and lead-acid...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.172 0.207s - 93pq - 2rq
Subscribe Now