Australia's Western Mines rises after raising capital at premium

Western Mines

17/11/2022 04:28

** Shares of Western Mines Group Ltd  WMG.AX  climb as much
as 21.7% to A$0.14
    ** Stock to mark its best session since March, if gains hold
    ** Minerals explorer raises A$693,750 ($465,436.88) through
issue of about 5.6 mln shares at A$0.125 per share
    ** Issue piece represents an 8.7% premium to stock's last
close
    ** Co says 4.4 mln shares under the placement will be issued
to mining investment group Equentia Natural Resources
    ** Adds funds raised in placement will be used to support
upcoming Phase 2 diamond drilling programme at Mulga Tank
Ni-Cu-PGE Project
    ** WMG stock hits its highest since Nov. 9
    ** As of last close, stock down 37.8% this year
($1 = 1.4905 Australian dollars)
 (Reporting by Ayushman Ojha in Bengaluru)
 ((ayushman.ojha@thomsonreuters.com))