Waratah Minerals (ASX:WTM) secured firm commitments to raise AU$30 million through a placement of about 52.2 million shares at AU$0.575 apiece, according to a Wednesday filing with the Australian bourse.
In the first tranche, 20.3 million shares will be issued to raise AU$11.7 million, while 31.9 million shares will be issued in the second tranche to raise AU$18.3 million, subject to shareholder approval, the filing said.
Proceeds will be used for extensional and resource drilling at the Spur Gold Corridor in New South Wales, metallurgical test work, target definition geochemistry and geophysics, as well as working capital and costs of the placement, according to the filing.
Shares rose 2% in morning trade on Wednesday.
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