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West Wits Mining secures funds as trading to recommence today

The company is focused on conglomerate gold in South Africa’s Witwatersrand basin and WA’s Pilbara region.

West Wits Mining Ltd - West Wits Mining to return to boarse today
The ASX has returned West Wits securities to its list

West Wits Mining Ltd (ASX:WWI) shares will recommence trading today on the ASX after the company completed a capital raising from sophisticated investors yesterday.

The Victorian company raised a final $735,000 sum yesterday from high-quality investors, allowing its expected return to trading this morning.

Explorer West Wits launched the capital raising last week, receiving commitments for 122.5 million ordinary shares at a 0.6 cent issue price.

Conglomerate gold-focused West Wits expects the cap raise will allow it to focus on its planned activities as it expects a mining right grant for its Witwatersrand Gold Project in South Africa, perhaps by September 2019.

The company also has assets in the Paterson province of WA’s prospective Pilbara region and hopes to unlock value in Indonesia at another gold project, Derewo River.

West Wits’ projects in the Pilbara includes the Mt Cecelia Gold Project, which is 70 kilometres west of Rio Tinto's (ASX:RIO) Winu copper-gold discovery and near Rumble Resources Ltds (ASX:RTE) Braeside project.

Quick facts: West Wits Mining Limited

Price: 0.043 AUD

ASX:WWI
Market: ASX
Market Cap: $50.96 m
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West Wits Mining hoping for news soon on mining permit for flagship...

West Wits Mining Limited's (ASX:WW1) CEO Jac van Heerden tells Proactive's Andrew Scott they've completed and handed in all the paperwork for a mining right at the Witwatersrand Basin Project in South Africa and they're now in the process of working with the mines department with the hope of...

on 15/6/20

2 min read