PERTH (miningweekly.com) – Nickel miner Western Areas has completed its A$85-million capital raise, receiving strong support from existing and new investors.
The company earlier this week announced plans for the capital raise, priced at A$2.15 a share, to fund the development of its Odysseus project, and to fund exploration and organic growth projects.
“The placement has been overwhelmingly supported by a range of domestic and international institutional investors which we see as vindication of the bright prospects for Western Areas,” said MD Dan Lougher.
“We are looking forward to advancing the development of the long-life, low-cost Odysseus underground mine towards scheduled production in mid-2023, and believe our landholdings provide significant brownfield exploration potential.”
Western Areas’ planned share purchase plan (SPP) will open on March 8 and will allow shareholders to subscribe for up to A$30 000 worth of additional shares in the company, also priced at A$2.15 each.
The company intends to cap the SPP at A$15-million, but retains the right to accept oversubscriptions or to scale back the applications.