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WAT Resources (ASX: $WAI) secures A$40 million placement

WAT Resources (ASX: $WAI) announces A$40 million placement


WAT Resources Ltd (ASX: $WAI) (WA1) has received firm commitments to raise A$40 million for a placement to institutional, sophisticated, and professional investors. The placement will involve issuing four million new fully paid ordinary shares at a price of A$10 per share, representing a 5.5% discount to the 30-day VWAP and a 10.2% discount to the last traded price of WAI's shares. Following the issue, the company will have approximately 61.3 million shares on issue, and the pro-forma cash position is expected to be around A$56.7 million.

Executive commentary on the placement


Successful completion of the Placement leaves the Company in its strongest financial position to date. With a significant number of assays from the 2023 drill campaign still outstanding, we anticipate a steady flow of results being reported in the current quarter as we prepare to commence the 2024 field season. This additional funding supports continuation of major de-risking and critical path activities for the West Arunta Project including metallurgical testwork, process development planning, and other project advancement activities. This work will progress alongside exploration and resource drilling, along with the estimation of an initial Mineral Resource for Luni in the June quarter 2024. We welcome the participation in the placement of a number of existing shareholders, as well as new highly regarded institutional investors based in Australia, Europe, and North America.

Summary of WAT Resources' A$40 million placement


WAT Resources Ltd (ASX: $WAI) has successfully secured A$40 million through a placement, demonstrating strong support from existing shareholders and new institutional investors. The funds raised will primarily be applied towards drilling and exploration, metallurgical testwork, process and project studies, permitting activities at the Company's West Arunta Project, along with administration/corporate costs, costs of the Placement, and general working capital. The Managing Director, Paul Savich, highlighted that the additional funding will support major de-risking and critical path activities for the West Arunta Project, including exploration and resource drilling, and the estimation of an initial Mineral Resource for Luni in the June quarter 2024. The company's pro-forma cash position of approximately A$56.7 million post-placement provides a strong financial foundation for the Company's ongoing activities and future developments.

Sourcehttps://announcements.asx.com.au/asxpdf/20240118/pdf/05zjq5fp54w944.pdf

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