West Wits Mining Ltd (ASX:WWI, OTCQB:WMWWF) chairman Michael Quinert speaks with Proactive after the company announced it has secured a written expression of interest and indicative funding terms from Wingfield Partners to provide a debt facility of US$10 million (~A$15.7 million) to finance the Qala Shallows Project, the first operation at the companys Witwatersrand Basin Project near Johannesburg in South Africa. Houston, Texas-based Wingfield, which is West Wits largest shareholder, has assembled a consortium of Texas based investors to provide this facility. This funding, in conjunction with that contemplated under the earlier Industrial Development Corporation (IDC) expression of interest, would bring loan facilities to some US$26 million or almost 50% of the total funding requirements over the three years build-up phase of the project.
Quinert said: I am thrilled to receive these indicative terms from Wingfield, our largest and strongly supportive shareholder.
The Wingfield team has always appreciated the significant value opportunity represented by Qala Shallows and the broader Witwatersrand Basin Project.
Wingfields unwavering belief and its standing as a canny investor has combined to provide West Wits with the opportunity to raise its profile now substantially with key players within the Houston investment community.
I would like to thank Wingfield and, in particular, Scott Kell, for their ongoing support.
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West Wits Mining Limited
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