Wolf raises nearly A$183m for new UK mine
PERTH (miningweekly.com) – Metals developer Wolf Minerals announced on Wednesday that it had raised A$182.7-million in a share placement to fund the construction of its Hemerdon tungsten and tin project, in the UK.
Wolf reported its major shareholders, Resource Capital Fund (RCF) and TTI Limited, a wholly owned subsidiary of Todd Corporation, would be participating in the fundraising.
Each of RCF and Todd have agreed to jointly subscribe for more than 488.2-million new ordinary shares, at an issue price of 30c a share, subject to shareholder approval.
Wolf has also entered into a placing agreement with Numis Securities, Patersons Securities and Investec Bank to place more than 120.3-million new ordinary shares, also at an issue price of 30c each. The share placement was also conditional upon shareholder approval.
Meanwhile, Wolf would look to raise a further A$2-million through a share purchase plan.
“We are delighted with the success of the fundraising,” said Wolf MD Russell Clark.
“The funds raised will be primarily used to complete construction of our world-class Hemerdon tungsten/tin project, which on completion, will be the first new metal mine in the UK in 45 years, and will provide around 200 direct new jobs and establish a new industry in the south-west of the UK.”
The £123.2-million project would include a three-million-tonne-a-year processing plant and associated infrastructure. The project was expected to produce about 3 500 t/y of tungsten concentrate and 450 t/y of tin concentrate.
Offtake contracts for the project were already in place.
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