West Wits Mining says additional debt funding is key step forward
October 10, 2023 at 11:31 am EDT
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West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert speaks with Proactive after the company announced it has secured a written expression of interest and indicative funding terms from Wingfield Partners to provide a debt facility of US$10 million (~A$15.7 million) to finance the Qala Shallows Project, the first operation at the company’s Witwatersrand Basin Project near Johannesburg in South Africa. Houston, Texas-based Wingfield, which is West Wits’ largest shareholder, has assembled a consortium of Texas based investors to provide this facility. This funding, in conjunction with that contemplated under the earlier Industrial Development Corporation (IDC) expression of interest, would bring loan facilities to some US$26 million or almost 50% of the total funding requirements over the three years build-up phase of the project.
Quinert said: “I am thrilled to receive these indicative terms from Wingfield, our largest and strongly supportive shareholder.
“The Wingfield team has always appreciated the significant value opportunity represented by Qala Shallows and the broader Witwatersrand Basin Project.
“Wingfield’s unwavering belief and its standing as a canny investor has combined to provide West Wits with the opportunity to raise its profile now substantially with key players within the Houston investment community.
“I would like to thank Wingfield and, in particular, Scott Kell, for their ongoing support”.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
jonathan@proactiveinvestors.com
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West Wits Mining Limited is an Australia-based company focused on the exploration, development, and production of precious and base metals. The Companyâs projects include Witwatersrand Basin project (WBP) and Mt Cecelia project. The Witwatersrand Basin project is located in the gold region of Central Rand Goldfield of South Africa boasts, a 4.28 million ounces (Moz) gold project. The Witwatersrand Basin is a largely underground geological formation which surfaces in the Witwatersrand. In Western Australia, the Company is exploring for gold and base metals at the Mt Cecelia project in a district that supports several projects, such as Woodie Woodie manganese mine, Nifty copper, and Telfer gold/copper/silver mines. The Mt Cecelia project is located on the border of the East Pilbara and Paterson Provinces of Western Australia and covers approximately 225 square kilometers (km2) of prospective ground, strategically located adjacent to tenements held by Rio Tinto Ltd.
WEST WITS MINING LIMITED 
