Stage 1 Development And Stage 2 Feasibility Study Now Fully Funded
Wiluna Mining Corporation Limited (ASX: WMX) has successfully completed its recent non-renounceable pro-rata entitlement offer.
The Offer proposed raising approximately $31.55 million before costs, with the recent capital raised by the company in its recent funding exercise approximately A$93 million.
Executive Chair, Milan Jerkovic, said the company is delighted that it continues to be supported by its major shareholders, including the Delphi Group, Franklin Templeton and Arlington who all exercised their entitlement.
Bids for 13,142,050 shortfall shares were received by several institutional and high net worth investors. The demand was significantly greater than the available shortfall securities pursuant to the Entitlement Issue, demonstrating the strong interest in Wiluna Mining’s future.
“We are delighted at the strong response we have received to our capital raising, with approximately $93 million raised in debt and equity,” Mr Jerkovic said.
“We are fully funded for Stage 1 and the Stage 2 Feasibility Study. Stage 1 is expected to be in commercial production in CY2022. Pending a successful outcome of the Stage 2 Feasibility Study, Stage 2 development will commence by the middle of 2022.
“At commercial production, Stage 2 will make Wiluna one of the larger gold mines in Australia. The differentiating factor of Wiluna Mining is its operating cash flows, whilst still boasting a prosperous three-year development program and outstanding exploration potential.”
