Wolf raises AUD 3 million for UK tungsten and tin project DFS
Proactive Investors reported that Wolf Resources has raised AUD 3.4 million through a placement of about 10.9 million shares at 31 cents per share for its Hemerdon Ball tungsten tin project in Devon of South West England.
The funds will maintain the project completion timeline for the final stages of the Definitive Feasibility Study. The placement was made to investor clients of Blackswan Equities including Wolf s major shareholder Resource Capital Fund V and incoming shareholder RMB Capital. Funds will ramp up pre-production activities to maintain the aggressive project development timeline.
The company plans to recruit key personnel including a project engineer and chief financial officer and establish a UK office after the DFS is completed.
The Hemerdon Project represents one of the largest undeveloped tungsten and tin resources in the western world and is proposed to be developed by low cost open pit mining. Planning consent has been reconfirmed by Devon County Council.
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