Western Metals completed a $3.3m capital placement at 9 cents through Tricom Securities to support the company’s exploration activities. This has increased the company’s cash reserves to $5m and will support Western Metals’ major activity in 2007 at the Henri uranium project in Tanzania.
The key activities in the March 2007 Quarter include;
• Prepare for the May/June Henri Drilling Programme
• Finalise preparations for Airborne Radiometric Survey for the Henri Project
• Finalise land position in the USA
• Complete detailed mapping and radiometrics in the USA
• Complete detailed mapping and petrology in Peru
• Assemble Digital Data for Queen Hill Tin Project
I dont recall a trading halt for this placement. In additional if I read it correctly, this placement was to raise capital to support their major activities for 2007..
http://www.westernmetals.com.au/documents/QuarterlyReportDecember2006.pdf Page 2
Why do they need additional funds.. BHP are chipping in 2 mil for the falcon sur arent they?
WMT
western metals limited
