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West Coast Silver secures $6M placement
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West Coast Silver secures $6M placement

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  • West Coast Silver raised $6 million through an oversubscribed placement to institutional and professional investors.
  • The new shares were issued at $0.065 each, representing a 13.8% discount to the pre-halt 15-day volume-weighted average price.
  • Capital will fund exploration drilling, metallurgical test work, and an updated resource estimate at the Elizabeth Hill Project.

West Coast Silver (ASX:WCE) secured $6 million in firm commitments via a share placement to fast-track exploration at its Elizabeth Hill Project.

The offer was priced at $0.065 per share, representing a 13.8% discount compared to the 15-day volume-weighted average price prior to the trading halt.

The company stated that the additional capital allows it to bring forward programmes at Elizabeth Hill South and West to accelerate the search for the next deposit.

The fundraise included a $500,000 investment for 5,203,158 shares from Admiralty Resource Fund, an entity associated with Paul Cronin.

The transaction is expected to settle on or around Sept. 8.

Following the announcement, the West Coast Silver share price was down at $0.10.

The money will fund exploration drilling, geotechnical and metallurgical testwork, a mineral resource estimate update, and a scoping study.

CPS Capital Group acted as the lead manager for the share placement.

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