White Energy Co. Ltd (ASX:WEC) Raises Funds Through Entitlement Offer to Boost Exploration Projects

March 25, 2025 12:00 AM AEDT | By Team Kalkine Media

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White Energy Co. Ltd (ASX:WEC) Raises Funds Through Entitlement Offer to Boost Exploration Projects — Image source: shutterstock

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Highlights

White Energy successfully raises over $3.8 million in latest entitlement offer.

Funds earmarked for expansive mineral exploration and corporate purposes.

Newly issued shares set for trading by the end of March 2025.

White Energy Co. Ltd (ASX:WEC), a prominent player in the mining sector, has successfully concluded its renounceable pro rata entitlement offer as of 20 March 2025, raising a substantial $3,829,611.89 before costs. This financial injection comes from the issuance of 112,635,630 fully paid ordinary shares, although there remains a shortfall of 20,019,604 shares, which the company's directors plan to address within the next three months.

Strategic Use of Proceeds

The proceeds from this entitlement offer are designated for several strategic initiatives. Primarily, the funds will support ongoing and new mineral exploration activities across White Energy's diverse portfolio of projects. These include Specimen Hill and Maranoa in Queensland, Robin Rise in South Australia, and Tindal in the Northern Territory. These projects represent significant growth opportunities for White Energy and underline the company's commitment to expanding its mineral exploration footprint.

In addition to funding exploration efforts, the raised capital will also be allocated towards general corporate purposes. This includes covering the costs associated with the entitlement offer itself. Another potential use of the funds, depending on necessity, is the repayment of unsecured loans provided by an associated entity of one of the company's directors, ensuring the company maintains a healthy balance sheet.

The newly issued shares are scheduled to be allotted on 27 March 2025, with trading expected to commence on the ASX on 28 March 2025. This quick turnaround in share issuance and trading is indicative of White Energy’s efficient handling of capital raising activities and its strong governance practices.

As White Energy prepares for these shares to hit the market, investors and market watchers alike will be keenly observing how these funds will be deployed in the coming months. The success of the entitlement offer not only reflects shareholder confidence in the company's management and strategic direction but also provides the necessary capital to pursue potential high-impact exploration activities.

The successful capital raise through White Energy's latest entitlement offer positions the company to aggressively pursue its exploration objectives across key projects. With a clear strategy for the utilization of these funds, White Energy is set to strengthen its industry position and potentially unlock significant value from its mineral assets. As new shares enter the trading phase, the company looks forward to a revitalized focus on growth and exploration success.

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