WA1 Resources Ltd announces to raise AU$10.0 million via placement

WA1 Resources Ltd (ASX:WA1) announced that it had received firm commitments from institutional and sophisticated investors to raise AU$10.0 million. The placement includes the issue of approx. 5.0 million fully paid ordinary shares at AU$2.0 per new share. The issue price denotes a 13% premium to the last closed price of WA1 shares of AU$1.77 on 11 November 2022.

Proceeds from the placement will mainly be used for a significant drilling program at its West Arunta Project, which will focus on defining the depth and lateral extent of the carbonatite intrusions intersected at Luni and P2. The company is also now funded to test more priority targets in the next round of drilling.

At AEDT 11:13 AM, WA1 shares are trading at AU$2.680, up 51.412% from the previous close.

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