Proactive Investors: West Wits Mining out to bank A$9.3 million from underwritten rights issue and placement

West Wits managing director Jac van Heerden said: “Following the granting of the mining right and completion of the Qala Shallows (Stage 1) definitive feasibility study in quarter three, 2021, West Wits has rapidly advanced site establishment, mine development and the Early Mining Initiative at the Witwatersrand Basin Project in South Africa.

“The additional funding will allow us to continue the momentum towards first ore production scheduled for quarter one, 2022, in addition to progressing our exploration at the Mt Cecelia Project in Western Australia.

“The near fully underwritten rights issue gives the company great confidence and provides a significant opportunity for our shareholders to participate in funding the WBP’s ramp up into production, while the company advances debt funding initiatives to take the WBP towards full-scale operations.”

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