re: $5 million placement/rights issue
Here is information about the placement and share issues:
"Placement
The Board of Western Areas NL is pleased to announce that Western Areas has reached in principle agreement with Hartleys Limited to place $5 million to international and domestic institutional and retail investors. A Prospectus to raise up to $5,000,000 at $1.00 per share has been lodged today and a copy is attached. Hartleys Limited is Broker to the Offer.
The main use of funds will be for an exploration campaign at the Forrestania project to build on the Company's high-grade resource base and to test a number of exciting new targets. Other uses include the progression of the Bankable Feasibility Study in respect of the Forrestania Nickel Project, exploration activities on other projects and to provide working capital.
Rights Issue
The Board is also pleased to announce that Western Areas will proceed with a non-renounceable rights issue on a 1 for 20 basis at 95 cents per share. The rights issue is expected to raise a further $4.8 million which will be applied to the ongoing exploration and development activities at the Forrestania project, exploration activities on other projects and to provide working capital
The intended date of lodgement of the rights issue Prospectus is 9 July. The record date for determining shareholder entitlement to participate in the rights issue will be set at seven days from the lodgement of the rights issue prospectus with ASIC. "
WSA Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held