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After completing a $A60 million placement at $2 on March 31, Western Areas conducted an SPP at the same price to raise a further $10 million.
The company received applications totalling more than $20 million, and as a result, has lifted the cap by $5 million to $15 million.
“The company would like to thank shareholders for their continued strong support, which ensures Western Areas maintains a robust debt-free balance sheet with the ability to fund prudent development and growth initiatives as previously announced,” Western Areas managing director Dan Lougher said.
Western Areas closed March with $42.5 million cash, not including any raising proceeds, but including $25 million drawn down from an ANZ facility.
Proceeds of the placement were used to repay the facility last month.
A further $26 million of the funds will be used to replenish working capital for the acquisition of the Cosmos mine.
Western Areas shares closed 2.6% lower at $2.58, well above the raising price.
