WMN plans $1 million placement
Wednesday, September 30 2015 - 05:18 AM WIB
ASX-listed Western Mining Network Ltd (WMN) said it has entered into a Lead Manager and Broker Mandate with CPS Capital Group Pty Ltd to raise US$1 million via private placement.
The company said in a statement Wednesday that the funds will among others be used to finance the development of planned mini plants to produce metallurgical and electrical grade graphite in Kalimantan and Sulawesi.
"CPS will coordinate and manage, on a best endeavoursbasis, a proposed capital raising by WMN by placing new fully paid ordinaryshares," the firm said.
The final pricing and conditions for this raise will be agreed based oncustomary market terms and may include free attaching unlisted optionsexercisable at either the investment price or higher. Such options, if issued,would expire on 30 June 2017.
"The placement will raise up to $1million before associated costs. Proceeds from the Placement will be used toadvance the construction of the first of the company?s mini-plants as outlinedabove and to provide working capital," WMN said.
Editing by Reiner Simanjuntak