Placement $17 million
A placement of $17million worth of shares at 24¢ per share will be made to clients of
Tricom Equities Limited. This will see 70.8 million shares at 24¢ placed with an attaching
one for one listed option with a strike price of 35¢, expiring 30 April 2010.
The capital raising program is subject to Shareholder Approval, with a Shareholder
General Meeting to be held in early May.
“This placement demonstrates confidence in our people, our projects and our business
plan. Western Metals has a detailed work programme in place to utilise these funds
through in-ground exploration,” Mr Bauk said.
Shareholder Share Purchase Plan (“SSPP”) $8 Million
The company is offering current shareholders the opportunity to increase their holdings
through a SSPP. Under the SSPP, shareholders will each be able to purchase;
♦ 23,500 shares at 21¢ costing $4,935
or
♦ 14,000 shares at 21¢ costing $2,940
The SSPP will raise up to $8 million through the issue of up to 38.1 million shares at 21¢,
taking the total amount raised to $25 million. The SSPP price has been set at the
maximum 20% discount to the 5 day value weighted average price (“VWAP”) of 26.26¢
between 17 March and 22 March 2007. The SSPP is not underwritten.
Critical Dates for SSPP
♦ Ex-entitlements 30 March 2007 (ASX close of trade)
♦ Record Date 4 April 2007 (17.00 Perth time)
♦ Dispatch Date (est.) 5 April 2007
♦ Closing Date 27 April 2007 or on receipt of $8 m, whichever is first
This schedule means that, taking into account T+3, members of the public will need to
purchase shares prior to close of trading on 30 March 2007 to be on the company’s share
register in time to participate in the SSPP.
The
WMT
western metals limited
