Wedgetail raises $17.5m in share placement

West Perth-based Wedgetail Exploration NL has raised $17.5 million through a share placement to professional and sophisticated investors.

The placement, of around 79.5 million shares at 22c each, was made with brokers LinQ Corporate Pty Ltd and Shaw Corporate Finance Pty Ltd.

The company has announced that it is also in advanced negotiations with a number of banks with regard to provision of debt funding.

The equity and debt will be used for the construction and establishment of its Nullagine gold project.

Wedgetail shareholders had previously agreed to allow a placement with LinQ Capital Ltd, as a responsible entitiy for LinQ Resources Fund, enabling the company to maintain its 23 per cent shareholding in Wedgetail.

The company will also change its name to Wedgetail Mining Ltd as it moves from exploration to production, and ceases to be a no liability group.