Listed gold miner Westgold Resources was poised to launch a capital raising on Tuesday morning, to finance further development of its Western Australian mining activities.Gold outfit Westgold Resources is on the hunt for fresh capital.
The $45 million placement was expected to be priced at $2.25 a share, a 4.26 per cent discount to Westgold's $2.35 last close and handled by corporate advisory firm Evolution Capital Advisors.
The fresh capital would be used to expand Westgold's Western Australian gold mining operations, including the potential acquisition of more gold projects in the Murchison region, north of Perth.
Funds were also pegged for working capital and development work at existing projects.
The $941 million Westgold operates three gold production facilities in WA, the Murchison Gold Operations, Fortnum Gold Project and the Cue Gold Operations, all in close proximity to one another.
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