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WEST WITS MINING LIMITED — Capital/Financing Update 2011
May 25, 2011
66091_rns_2011-05-25_4b4e9b69-907e-41cc-9759-eff9784755d9.pdf
Capital/Financing Update
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ASX: WWI www.westwitsmining.com
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ASX Announcement and Media Release , Thursday, 26 May 2011
West Wits completes interim placement
| Fast Facts | |
|---|---|
| Capital Structure | @ 26 May 2011 |
| Shares on issue | 160 million |
| Options | 18.8 million |
| Market Cap | A$8.64 million |
| Cash in Bank | A$0.2 million |
| Debt | Nil |
| Enterprise Value (EV) | A$8.44 million |
| Current JORC Reserve | 59,000 |
| Current JORC Resource | 426,700 |
| EV / Reserve oz | A$146.44/oz |
| EV / Resource oz | A$20.25/oz |
West Wits Mining Limited (“West Wits”) wishes to advise the Company has undertaken an interim placement with clients of Peregrine Corporate Limited (“PCL”). PCL agreed to place 7,500,000 ordinary shares in the capital of the Company at an issue price of 4 cents per share to raise $300,000 before costs.
The purpose of the issue is to provide working capital for the Company’s operations pending completion of the previously announced Derewo River Gold Project acquisition and associated $3.5m proposed capital raising. No shareholder approval is being sought in relation to the issue which is being undertaken in accordance with the 15% allowance provided for in Listing Rule 7.1.
| Company Directors & Management | Company Directors & Management |
|---|---|
| Michael Quinert | Executive Chairman |
| Neil Pretorius | Non-Exec Director |
| Phillip Hains | Non-Exec Dir/ Co Sec |
| Hulme Scholes | Non-Exec Dir |
For And On Behalf Of The Board
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| Top Shareholders ≈ | |
|---|---|
| DRD Gold Ltd | 23% |
| Mintails Ltd | 21% |
| Geotorm Investments Ltd | 4.7% |
| AMN Nominees Limited | 4.4% |
| TOP 20 Shareholders | 74.8% |
Michael Quinert Chairman West Wits Mining Limited
Company Highlights
-
World class historic leases
o61m ozs Gold producedo37m lbs Uranium produced -
• Conceptual Target
-
3.95-5.20 million ozs Gold
-
o17-22 million lbs Uranium -
• Significant gold resources along strike on adjacent leases
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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]