InvestSMART

Western Mines Group Ltd (ASX:WMG)

ALERT: Price-sensitive ASX Announcement for WMG
Current share price for WMG : $0.155 -0.03 (-16.22%)+
Announcement
Release
29 Jul 2026 10:08AM
Price at Release
$0.185
Full Release
download
Summary
Western Mines Group Ltd (WMG) announced the successful completion of a capital raise of $2.74 million (before costs) through the issuance of 16,822,694 ordinary shares at $0.163 per share. The capital raise was led by Lowell Resources Fund, which invested $2 million, making it WMG's largest shareholder with a 10.6% stake. The funds will support exploration programs at WMG's Mulga Tank Project, including seismic surveys, drilling programs, and an initial scoping study. The placement was partly achieved through an equity swap with Lowell, where WMG received units in LRT. The placement was also supported by WMG's existing top 20 shareholders. The company's flagship project, Mulga Tank, is the largest nickel sulphide deposit in Australia, and the funds raised will further its exploration efforts.
Key Points
  • Successful capital raise of $2.74 million.
  • Led by $2 million investment from Lowell Resources Fund.
  • Lowell becomes WMG's largest shareholder with a 10.6% stake.
  • Funds to be used for the Mulga Tank Project exploration.
  • Includes seismic surveys, drilling programs, and a scoping study.
  • Equity swap agreement with Lowell Resources Fund.
  • Support from WMG’s top 20 shareholders.
  • Mulga Tank is the largest nickel sulphide deposit in Australia.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.