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WEST WITS MINING LIMITED — Capital/Financing Update 2011
Jun 23, 2011
66091_rns_2011-06-23_52ec6e31-2e75-48a8-9ebb-17510e6c57e9.pdf
Capital/Financing Update
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ASX: WWI www.westwitsmining.com
ASX Announcement and Media Release , Friday, 24 June 2011
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Extension of Share Purchase Plan
| Fast Facts | |
|---|---|
| Capital Structure | @ 24 June 2011 |
| Shares on issue | 160 million |
| Options | 18.8 million |
| Market Cap | A$6.72 million |
| Cash in Bank | A$0.2 million |
| Debt | Nil |
| Enterprise Value (EV) | A$6.52 million |
| Current JORC Reserve | 59,000 |
| Current JORC Resource | 426,700 |
| EV / Reserve oz | A$113.89/oz |
| EV / Resource oz | A$15.28/oz |
| Company Directors & | Management | Management |
|---|---|---|
| Michael Quinert | Executive Chairman | |
| Neil Pretorius | Non-Exec Director | |
| Phillip Hains | Non-Exec Dir/ Co Sec | |
| Hulme Scholes | Non-Exec Dir | |
| Top Shareholders ≈ | ||
| DRD Gold Ltd | 23% | |
| Mintails Ltd | 21% | |
| Geotorm Investments | Ltd | 4.7% |
| AMN Nominees Limited | 4.4% | |
| TOP 20 Shareholders | 74.8% |
Company Highlights
| • | World class historic leases |
|---|---|
o61m ozs Gold produced |
|
o37m lbs Uranium produced |
|
| • | Conceptual Target |
o3.95-5.20 million ozs Gold |
|
o17-22 million lbs Uranium |
|
| • | Significant gold resources along strike on |
| adjacent leases | |
| • | Upcoming drill programs |
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Contact Details West Wits Mining Limited ACN 124 894 060 Suite 1, 1233 High Street Armadale VIC 3143 T: +61(0)3 9824 8166 F: +61(0)3 9824 8161 E: [email protected] W: www.westwitsmining.com
Corporate Advisor
Peregrine Corporate Limited Tim Chapman T: +61 9824 8166 E: [email protected]
West Wits Mining Limited (“West Wits or “the Company”) in conjunction with BGF Equities Pty Ltd (BGF Equities) have decided to extend the current share purchase plan (“SPP”) to shareholders for another three weeks, now closing at 5pm WST, on Friday 15[th] July 2011.
The SPP offers eligible shareholders the ability to subscribe for between $2,000 and $14,000 worth of new fully paid ordinary shares at an issue price of $0.04 (4 cents) per share. Successful applications for shares under the SPP will also be entitled to receive free attaching options issued on the basis of 1 option for every 4 shares subscribed. The attaching options are exercisable at $0.08 (8 cents) each and expire on 1 February 2014.
This extension of time will coincide with the newly agreed timeline by which the corporate restructure of Paniai Gold Limited will be completed allowing West Wits to acquire its interest in the Derewo River Gold Project (“Derewo”). In conjunction with the acquisition of the Derewo interest, West Wits will then be in a position to complete its $3m placement to clients of BGF. This extension will now also give shareholders who are yet to apply for shares under the SPP further time to consider an investment.
The Company is looking forward to completing this acquisition and placement and beginning exploration of both Derewo and its existing South African assets. The Company remains excited by Derewo’s potential to host the source of the high grade alluvial gravels which exist within the granted mining lease, discovered by artisanal miners over 5 years ago.
West Wits recently posted on the Company’s website a copy of the Independent Technical Report completed by CSA Global Pty Ltd assessing its prospectivity. The report can be found under Company Reports which sits within the Investor tab on the Company’s homepage.
Participation in the SPP is open to shareholders who were registered holders of WWI shares as at the Record Date of 2 February 2011.
As a result of the extension, the SPP indicative timetable has been revised as follows:
Offer Closing Date – 15[th] July 2011 Anticipated Issue of new shares – 22[nd] July 2011 Anticipated dispatch of holding statements - 26[th] July 2011 Anticipated Commencement Date of trading for new shares - 28[th] July 2011
The Company is pleased to be making this offer as part of its broader capital raising initiatives and looks forward to advising shareholders of progress made at both projects in the near future.
Yours sincerely,
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Michael Quinert Chairman West Wits Mining Limited