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Highlights

  • Western Yilgarn raises $520,000 via a placement of 14.4 million shares
  • The funds will advance exploration at Julimar West and New Norcia Bauxite-Gallium Projects
  • Director and major shareholders commit $55,000 in support of the placement

Western Yilgarn NL (ASX: WYX) has successfully secured firm commitments from sophisticated investors to raise $520,000 before costs through a placement of 14,444,444 ordinary shares at an issue price of $0.036 per share. This funding will support the company's ongoing exploration projects, particularly at its Julimar West and New Norcia Bauxite-Gallium Projects.

In addition to the placement, Western Yilgarn is considering a potential bonus issue of loyalty options for shareholders in eligible jurisdictions, including Australia and New Zealand. The company has specified that the loyalty options will be available to shareholders registered on a record date, pending the completion of a separate prospectus.

The placement has garnered significant backing from key investors, including a $55,000 commitment from a Director of the company and substantial shareholders such as Oceanic Capital Pty Ltd and St Barnabas Investments Pty Ltd. These investments are subject to shareholder approval in compliance with ASX Listing Rules. The first tranche of shares is expected to be issued on 8 April 2025, while shareholder approval for the second tranche will be sought at a general meeting in May.

The funds raised will be directed toward advancing exploration and metallurgical test work at the Julimar West Project, which is currently in the process of a scoping study. Additionally, the company plans to continue drilling activities at the New Norcia Bauxite-Gallium Project, with the goal of expanding its mineral resource estimates.

Bell Potter Securities Limited acted as lead manager for the placement, and will receive a capital raising fee of 6% of the funds raised, alongside unlisted options for their role in the transaction.