Wilton Resources raises S$3m via private placement of 56m shares

CATALIST-LISTED Wilton Resources Corporation said on Thursday it has entered into a placement agreement with a private investor to subscribe for 55.56 new shares at an issue price of S$0.054. This is expected to raise S$3 million in gross proceeds.

The placement price represents a discount of 10 per cent to the volume-weighted average price of S$0.06 per share.

Wilton is a gold exploration and mining group focused on the Ciemas Gold Project in West Java, Indonesia. It holds the mining and production licences for two concession blocks covering an area of about 3,078.5 hectares, out of which only an area of 200 hectares has been explored.

The net proceeds of the placement will be used to fund the ongoing development of the Ciemas Gold Project.