WAF is raising $A21 million this time round (by issuing shares at 30c), with the funds raised going towards paying off $US5 million of debt owed to Macquarie Bank, and to continue to progress work at Tanlouka.

Hartleys was the main brokerage involved in the raising.

A feasibility study for Tanlouka is due to be completed in the fourth quarter.

High grade mineralisation discovered last year has transformed the project into what WAF has begun recently promoting as a “world-class project”.

Taking into account today’s announced fund raising and the WAF’s share price rise to A40c, WAF has a current enterprise value of nearly $200 million. 

WAF’s forerunner was initially formed in 2006 with WAF listing on the ASX four years later after raising $6.5 million with the issue of shares priced at 20c.

While Hyde ceased to be a substantial shareholder of the company in June when the previously recent placement of $12.5 million was completed (due to dilution), he and other long standing shareholders will undoubtedly be content with how their investment has been tracking this year – up 800% in six months!