Waratah Resources has launched a $3.5 million capital raising to advance exploration efforts at its suite of iron ore projects in the Democratic Republic of Congo.
The Perth-based explorer announced today it would had placed approximately 14 million shares priced at 25 cents per share with sophisticated and institutional investors, to fund drilling at its Youkou, Mekambo Est and Okanabora projects in the Congo.
“The strong take-up of this share placement is further good news for Waratah and its shareholders and demonstrates the significant investor interest being received by Waratah for its African iron ore projects, on the back of recently commencing drilling at the Youkou project,” managing director William Witham said.
“Funds raised pursuant to the placement will allow Waratah to continue to aggressively progress drilling, ensuring strong continued news flow over the coming months from exploration activity.”
At close of trade today, Waratah stocks had gained 1.82 per cent, trading at 28 cents.