Controlled Placement Agreement - Extension & Release
Perth, Dec 22, 2020 AEST (ABN Newswire) - Wiluna Mining Corporation Limited (
ASX:WMX) (NZ3:FRA) (WMXCF:OTCMKTS) is pleased to announce it has agreed with Acuity Capital to extend the expiry date of the current Controlled Placement Agreement ("CPA") by 25 months.
As previously announced, the CPA provides Wiluna with up to $10m of standby equity capital (see announcements 30 July 2018, 26 September 2018 and 15 February 2019) up to 31 December 2020.
Following the extension, the new expiry of the CPA is now 31 January 2023.
As consideration for the above, the Company has agreed to increase the security held by Acuity Capital under the CPA to a total of 1.25 million WMX shares through an additional issue of 1,000,000 WMX shares out of its LR7.1 capacity ("Collateral Shares"). Though the Company may, at any time, terminate the CPA as well as buy back and cancel the Collateral Shares for nil consideration (subject to shareholder approval). There were no fees or costs associated with the extension.
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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