Wesizwe Platinum has raised R300 million through a share issue, the firm announced today.

The funding was raised through placing 40 million shares at R7.50 and is earmarked principally for development of its flagship Frischgewaagd-Ledig project.

Work at the site to be funded by the capital injection is set to include securing power and water, hiring engineering companies and making civil preparations. Money will also be used for deposits on long-lead capital items.

Meanwhile, a further proportion of the capital is to be used for exploratory work at the company's Western Bushveld joint venture, which is expected to produce 250,000 oz of platinum group metals annually once fully operational in 2010.

The Frischgewaagd-Ledig complex is also expected to begin production by 2010, with studies indicating a total mineral resource of 13.47 million ounces.

Wesizwe acquired an interest in the Bushveld venture after its purchase of a 26 per cent stake in Africa Wide.

Its partners in the project are Anglo Platinum and Platinum Group Metals of Canada.

Sources:

Wesizwe raises R300 mln for platinum projects
http://www.reuters.com/article/newIssuesNews/idUSL1712300620070917

Wesizwe raises R300m for project
http://business.iafrica.com/news/560820.htm

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