Western Mines Group capital raise announcement

Western Mines Group Ltd (WMG) (ASX: $WMG) has successfully completed a capital raise of $1,537,000 with commitments received to issue 4,803,125 new fully paid ordinary shares at an issue price of $0.32 per share. The capital raise was conducted to further progress the Mulga Tank Project, with the funds to be used to support the ongoing exploration programs, including new and ongoing RC and diamond drilling, geochemical assay, metallurgical testwork, and technical work leading to an initial JORC Mineral Resource.

Executive commentary on the capital raise

The Company welcomes Dundee Corporation as a significant new shareholder in the Company. We have been engaged with their technical team for several months whilst they've conducted extensive due diligence on the Mulga Tank Project. It's great to see the effort from both sides come to fruition and we look forward to their support going forward.

Summary of the capital raise and outlook

Western Mines Group Ltd has successfully completed a capital raise of $1.54m to further progress the Mulga Tank Project. The funds raised will be used to support the ongoing exploration programs, including new and ongoing RC and diamond drilling, geochemical assay, metallurgical testwork, and technical work leading to an initial JORC Mineral Resource. The Company aims to continue advancing the exciting exploration programs and results coming from the Mulga Tank Project, demonstrating its commitment to exploration and discovery of high-value gold and nickel sulphide deposits across its portfolio of highly-prospective projects located on major mineral belts of Western Australia.