Western Mining excercises options to raise funds for Indonesian projects
Friday, June 27 2014 - 03:06 PM WIB
ASX-listed Western Mining Network Limited announced on Friday that it has entered into an underwriting agreement with Alignment Capital Pty Ltd in respect to its listed options exercisable at A$0.10 cents and expiring 30 June 201 4, providing the company with guaranteed funds of approximately $2,026,037, which is in additional to funds already received from options exercised.
Under the terms of the agreement, Alignment Capital Pty Ltd will arrange for the subscription of fully paid shares equivalent to the number of unexercised WMNOA options at 30 June 2014. The underwriting agreement is subject to standard terms and conditions including a fee of 6% which will be payable to the underwriters.
The funds received from the exercise of options will be allocated towards exploration on the Tamboli Project as well as the company?s existing projects Genesis and Persada.
Genesis, is a manganese concession with IUP Production license in Toli Toli, Central Sulawesi containing rock chip results of between 41.4 and 55.3% Mn.
The Persada Tenement is located northeast of Palu in Central Sulawesi, between Toli-Toli and Buol. The Tenement is approximately 50 km east of Toli-Toli and covers 5,000 hectares.
Editing by Johannes Simbolon