PERTH (miningweekly.com) – Junior explorer WA1 Resources has received firm commitments to raise A$10-million through a share placement to advance niobium/rare earth element discoveries in Western Australia.
Priced at A$2 a share, the company is expected to issue five-million new shares under its existing placement capacity. The placement price represented a 13% premium to the ASX-listed company’s last trading price on November 11.
“We sincerely appreciate the support from our new and existing shareholders which is enabling us to continue to execute the exploration we’re so passionate about. We will maintain our focus to maximise the chance of continuing to deliver positive results for all stakeholders,” said WA1 MD Paul Savich.
“Funds raised from the placement will primarily be applied to a substantial drilling programme at our West Arunta project which will focus on determining the depth and lateral extent of the carbonatite intrusions intersected at Luni and P2. We are also now funded to test more priority targets in the next round of drilling.”