PERTH (miningweekly.com) – ASX-listed Kingwest Resources will raise A$4-million in a share placement to fund exploration work in Western Australia.
The company will place some 33.33-million shares, at a price of 12c each, to professional and sophisticated investors.
The funds raised in the placement will be used to fund exploration at the Goongarrie gold project, with focus on follow-up drilling at the recently announced Sir Laurence discovery. Funding will also go towards resource definition drilling at Menzies.
“We are excited by our initial exploration success at Sir Laurence and eagerly anticipate the imminent drilling campaigns which we hope will confirm a large gold system,” said Kingwest CEO Ed Turner.
“This capital raise will provide the company with sufficient funding to test Sir Laurence and other regional targets in the period ahead of expected cash flow from our Menzies mining joint venture, which we hope will supplement future exploration expenditure.”