West Wits Mining to raise $1.1m via rights issue
Thursday, September 17 2015 - 04:26 AM WIB
ASX-listed West Wits Mining Limited announced Thursday a non-renounceable 1 for 4 pro rata rights issue offer to shareholders to raise approximately A$1.1 million, which has been fully underwritten.
The company said it was is seeking to raise these funds so as to allow it to continue the recent positive progress made in both Indonesia and South Africa.
In Indonesia, West Wits, through its local partner, continues to make progress towards establishing its initial alluvial circuit at the Derewo Gold Project in Papua Province.
The company said its staff are on site and preparing to establish the first circuit which will be situated in the 81 creek as previously planned. West Wits added its local partner continues to work with all stakeholders in Derewo to deliver a secure project site for the company. This preparation will include completion of water storage facilities, installation of sluice boxes and site preparation for processing of the alluvial gravels.
The company previously established a base camp, a 650m airstrip and road access to the mining area. It is anticipated that commissioning will be staged, with full operational capacity for this circuit to be achieved within 4 to 6 weeks of the commencement of operations.
Editing by Reiner Simanjuntak