Western Mines Group (ASX:WMG) said it will raise AU$1.3 million, before costs, via a placement of shares and it will use the proceeds to support exploration programs at the Mulga Tank nickel-cobalt-copper-platinum group elements project in Western Australia, including restarting further reverse circulation and diamond drilling, according to a Tuesday Australian bourse filing.
It received commitments to issue around 6.4 million fully-paid ordinary shares, at an issue price of AU$0.20 per share, and 6.4 million additional unlisted options with an AU$0.30 exercise price expiring July 31, 2027.
The placement shares and a total of 5,791,500 unlisted options will be issued using the firm's existing placement capacity, while the remaining 643,500 unlisted options will be issued following a general meeting of shareholders.
Its shares fell 5% in recent trading on Tuesday.
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