WAI Resources has secured firm commitments for a placement of new shares to institutional and sophisticated investors to raise $10 million, at a price of $2 per new share.
The placement will result in the issue of 5m new shares and the company having 49.8m shares on issue.
WAI managing director, Paul Savich, said the support would enable the company to continue to execute the exploration it was so passionate about.
“Funds raised from the placement will primarily be applied to a substantial drilling program at our West Arunta project in Western Australia, which will focus on determining the depth and lateral extent of the carbonatite intrusions. We are also now funded to test more priority targets in the next round of drilling,” he said.