The Victorian company raised a final $735,000 sum yesterday from high-quality investors, allowing its expected return to trading this morning.
Explorer West Wits launched the capital raising last week, receiving commitments for 122.5 million ordinary shares at a 0.6 cent issue price.
Conglomerate gold-focused West Wits expects the cap raise will allow it to focus on its planned activities as it expects a mining right grant for its Witwatersrand Gold Project in South Africa, perhaps by September 2019.
The company also has assets in the Paterson province of WA’s prospective Pilbara region and hopes to unlock value in Indonesia at another gold project, Derewo River.
West Wits’ projects in the Pilbara includes the Mt Cecelia Gold Project, which is 70 kilometres west of Rio Tinto's (ASX:RIO) Winu copper-gold discovery and near Rumble Resources Ltds (ASX:RTE) Braeside project.