-- Waratah Minerals (ASX:WTM) has secured AU$48 million through a placement to institutional, sophisticated, and professional investors, issuing around 77.4 million new fully paid ordinary shares at AU$0.62 apiece, representing over a 15% discount to its 15-day volume weighted average price, according to a Thursday Australian bourse filing.
The placement is expected to settle on May 13, and the new shares are scheduled to be allotted on May 14, the filing said.
The funds will be used to support extensional and resource drilling at the Spur and Consols gold zones, exploration drilling at the Gazzards, Alpine, and Ironclad zones, metallurgical test work, additional geochemical and geophysical target definition, as well as for working capital, the filing added.
The company's shares fell around 4% in recent Thursday trade.