Windward Resources has taken advantage of a recent spike in its share price to raise $6 million to fund exploration at its Fraser Range nickel-copper projects.
The funds were raised through a placement pitched at 30 cents per share.
Windward had been trading as low as 16 cents early this month before spiking as high of 39 cents after releasing positive exploration results.
Its shares dipped 1 cent today to close at 34 cents.
Advisory group Barclay Wells managed the raising.
Following completion of the placement, Windward will have cash of approximately $9 million.
Funds raised through the placement will be used to drill-test several targets at the Fraser Range North project, including the recently identified WMA1 conductor, located four kilometres south-east of Sirius Resources’ Nova-Bollinger deposit.
Windward will also continue regional and prospect-scale exploration at the Fraser Range North and Fraser Range South projects.
Managing director David Frances said the strong support for the raising was testament to the quality of the company’s exploration projects and the systematic work it had completed over the past two years.
“It is encouraging to see that there is still strong support for focused exploration stories, even in the current difficult market,” he said.
