West Wits secures funds to explore Papua gold project
Thursday, May 26 2011 - 03:35 AM WIB
Australian firm West Wits Mining Limited said on Thursday that it has undertaken an interim placement with clients of Peregrine Corporate Limited (PCL). PCL agreed to place 7,500,000 ordinary shares in the capital of the company at an issue price of 4 cents per share to raise A$300,000 before costs.
The purpose of the issue is to provide working capital for the company?s operations pending completion of the previously announced Derewo River Gold Project acquisition in Papua and associated $3.5 million proposed capital raising, the company said.
West Wits Mining Limited has signed the definitive sale agreement with Paniai Gold Limited for the acquisition of a 50% interest in the Derewo River Gold Project. (romel)