Wolf Minerals has completed a $5 million capital raising to provide additional funds as it seeks to finalise financing arrangements for its Hemerdon tungsten and tin project in the United Kingdom.
Wolf announced today that two of its major shareholders, Resource Capital Fund and Traxys Projects, had subscribed for $4.5 million and $500,000 in its shares, respectively.
The Perth-based miner said the use of funds included working capital to ensure it can maintain its development schedule and covering costs associated with constructing road links and arranging debt facilities.
Wolf said it had agreed to terms with senior lenders for a project finance facility and off-take partners for additional project funding.
Managing director Humphrey Hale said he welcomed the continued support of RCF and Traxys in a tough market.
“Wolf values the strong working relationship it has with its senior shareholders and looks forward to their ongoing support as we work to bring the Hemerdon project into production as a world-class source of tungsten supply,” Mr Hale said in a statement.
Wolf shares were steady on the ASX today, trading at 31 cents.
