6f61bf77-6642-49c1-8942-f82374d32f4d.pdf
ASX:WWI
ASX:WWI
www.westwitsmining.com
Far East Capital Placement Commitment
22 October 2015
West Wits Mining Limited (ASX: WWI) ('West Wits' or 'the Company') is pleased to announce that following the completion of the 1 for 4 pro rata rights issue it has secured the firm commitment of Far East Capital Limited ('Far East Capital') to place 56 million shares to its professional, sophisticated and other exempt clients at 1.8 cents per share to raise $1 million before costs of the issue.
Funds raised by the placement will be applied to provide increased capacity and flexibility to accelerate the Company's Soweto Project. This is intended to enable the Company to build on the opportunities it has identified more rapidly than would be possible relying solely on the funds raised under the rights issue.
Far East Capital will receive a fee of 6% of the funds subscribed.
The Company will also appoint Far East Capital to provide advice and consulting services in connection with ongoing funding and strategy needs for one year. Far East Capital acted as underwriter of the rights issue and the Directors welcome the continued support represented by its commitment and on- going support.
The placement will be undertaken from the Company's existing capacity to issue shares without requiring shareholder approval. The placement shares will be fully paid ordinary shares ranking equally with the Company's existing shares.
The Company anticipates that the placement will be completed by 30 October 2015 and will make a further announcement when the placement shares have been issued.
For and on behalf of the board
Michael Quinert Chairman
West Wits Mining Limited
For further information visit www.westwitsmining.com Or Contact
Tim Chapman Telephone: +61 3 8692 9049