Western Mines Group (ASX:WMG) is ready to further advance ongoing exploration programs at the Mulga Tank Project in Western Australia, after completing a $3.72 million capital raise.
Earlier this month, the company completed a placement via the issue of 16.91 million shares at $0.22 per share, as previously reported. As part of the capital raise, 4.22 million unlisted options were issued, with an exercise price of $0.40 and an expiry of 31 December 2027.
Cygnet Capital acted as lead manager to the placement.
The funds will be used for further reverse circulation and diamond drilling programs at Mulga Tank. Western Mines also intends to conduct geochemical assaying, geophysical surveys and targeting, as well as ongoing metallurgical work.
These activities, along with others, will support the company working towards an initial Scoping Study for Mulga Tank.
In addition, the funds will be used for belt-wide gold exploration upon the grant of tenement E39/2299.
The Mulga Tank Project is a discovery of an extensive magmatic nickel sulphide mineral system with an initial resource of more than 5.3 million tonnes of contained nickel.
Western Mines Group is a mineral explorer focused primarily on critical mineral discoveries in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Western Mines Group
