Western Mines (ASX:WMG) has increased in the size of the capital raising announced on 25 November 2024 after two existing shareholders had been unable to return commitment letters by the Monday announcement.
On Monday, Mining.com.au reported Western Mines Group had completed a placement raising $1.08 million to fund exploration work at the Mulga Tank Project in Western Australia.
However, the company today (28 November) announces that two existing shareholders, including significant shareholder Equentia Natural Resources, were unable to return commitment letters by 25 November and have subsequently completed and returned the letters during the week.
Their commitment totals an additional $150,000 meaning the total amount being raised now is almost $1.235 million.
All proceeds will be used to support ongoing exploration, including ongoing metallurgical testwork, reverse circulation and diamond drilling, and geochemical assaying.
The placement was conducted by GBA Capital and Sanlam Private Wealth with a portion of shares placed to Blue Spec Drilling and other significant shareholders.
Mulga Tank is considered prospective for nickel, cobalt, copper, and platinum group metals and is a major ultramafic complex found on the under-explored Minigwal Greenstone Belt.
Write to Adam Orlando at Mining.com.au
Images: Western Mines
