Waratah Minerals raising $30m
Waratah receives commitments to raise $30m
Strong demand was secured from existing and new institutional investors
Three drill rigs are operating with a steady stream of results expected for the remainder of the year
The placement comprises two tranches, with the first of $11.7m to be followed by a second tranche of $18.3m subject to shareholder approval at an upcoming general meeting.
Strong demand has been received from existing and new Australian and North American institutional investors, strengthening Waratah Minerals' (ASX:WTM) shareholder base.
Bell Potter Securities acted as sole lead manager to the placement, which included a total of 52.2m shares at 57.5c per share, a 7.1% premium to WTM's 5-day VWAP of 53.7c and a 16.1% premium to the 30-day VWAP of 49.5c.
Spur gold hits put Waratah on the radar
Waratah has been drawing attention at Spur after recent drilling pulled in a 208.7m intersection grading 1.17g/t gold from 514m at the Consols prospect, triggering a doubling of the explorer's share price.
Drilling returned multiple zones of visible gold, increasing the company's strike at Spur, which is near Newmont's Cadia gold and copper mine, to more than 1.5km
The result enhanced confidence in the project's potential to host a large-scale, high-grade epithermal gold system with plenty of upside along the rapidly emerging Spur gold corridor, southwest of Orange.
Blue Ocean Equities analyst Carlos Crowley-Vasquez increased the broker's price target from $1.20 to $1.50, saying he sees Spur as having a path to a +3Moz resource.
Exploration to step up a notch
WTM managing director Peter Duerden said he was delighted to announce this strategic placement, which was strongly supported.
'The placement provides strong validation of the company's strategy and will enable an acceleration of our exploration activities at the Spur gold-copper project,' he said.
As well as drilling, funds will be spent towards initial metallurgical testwork, further target definition geochemistry and geophysics, and for working capital and costs of the placement.
The company has three drill rigs on site with a steady stream of exploration results expected in coming weeks and months.
This article was developed in collaboration with Waratah Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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