WESTMAG is seeking to raise over $800,000 through a shareholder share purchase plan, with the funds earmarked for working capital and to accelerate exploration and ongoing evaluation of the database it acquired in a Peruvian joint venture with AngloGold Ashanti.
Westmag will issue a maximum 11.77 million shares to shareholders at 7c each, with the offer non-renounceable.
The Peru focus sees Westmag having until June 1 to assess the 11-property portfolio of AngloGold Ashanti, with previous expectations being that around 25 prospects would be looked at in the current field season. Westmag can earn 60% in any project by drilling an agreed number of metres with AngloGold having a clawback right.
Shares in Westmag remained unchanged at 8c during early morning trade.
By: Ben Sharples Thursday, May 19, 2005
WMG Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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