(MENAFN- ProactiveInvestors)
() is planning to raise up to $2.5 million through a placement of shares to professional and sophisticated investors.
Proceeds will be used to fund ongoing development of its Australian Commodities Division continue evaluation and assessment of its exploration assets in Gabon and provide working capital.
Shareholders have today approved the placement of up to 250 million shares. This will be issued no later than 3 months after 27th May 2015.
The placement of up to 250 million shares was approved at a General Meeting held today and will be made within three months time.
The issue price will be not less than 80% of the VWAP for shares calculated over the 5 days on which sales in the shares are recorded before the day on which the issue is made.
Recent Activity
In April Waratah signed a Joint Venture Agreement with Amanie Holdings Ltd a global Shariah advisory and investment group for the purpose of funding its commodity trading business.
Under the terms of the Joint Venture Waratah and Amanie will form an incorporated Joint Venture vehicle to be known as Ausmal Synergy Limited which will be domiciled in Labuan Malaysia to develop and integrate a commodities trading business.
The parties will be equal shareholders in the new joint venture company and will each hold 50% of the issued shares in the new company.
It also raised $100000 through the issue of 45454546 shares priced at $0.0022 each.
Gabon
In March Waratah was awarded three new licences covering 6000 square kilometres in the Republic of Gabon.
Notably the Tchibanga Licence could be located in a mineral hot-spot given that IronRidge Resources (AIM:IRR) raised £9.7 million (A$18.7 million) to fund its iron ore projects which include the nearby Tchibanga project.
The 1606 square kilometre Tchibanga licence is located approximately 50 kilometres from the newly developed coastal infrastructure for the proposed port of Mayumba.
It is highly prospective for copper and gold.
Previous exploration work has been carried out on all three licences which are prospective for a number of commodities and also close to third party projects.
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