West Wits is approaching the anticipated granting of the mining proper utility and scheduled completion of the bankable feasibility research in Q2 2021 on the Witwatersrand Basin Undertaking.
() has confirmed that Wingfield Durban Deep, L.P (as nominee of Wingfield Capital Companions LLC) has elected to transform all 1 million convertible notes within the firm.
The corporate immediately issued 167,600,036 shares to Wingfield in consideration for Wingfield changing US$1,173,200.25 in convertible notes at 0.7 US cents per share.
Wingfield’s election to transform 1-year into the preliminary 3-year time period underscores the power of West Wits progress over the previous 12-months and strategic course as the corporate prepares for underground mine improvement at its flagship 4.37 million ounces gold Witwatersrand Basin Undertaking (WBP).
The conversion considerably improves West Wits’ stability sheet, eradicating US$1.17 million of debt, and formalises Wingfield’s place as a considerable holder and strategic investor within the firm as WWI approaches the anticipated granting of the mining proper utility and scheduled completion of the bankable feasibility research in Q2 2021 on the WBP.
Potential world-class Tier 1 gold asset
Wingfield director Scott Kell stated: “Wingfield has been delighted with its funding within the WWI Notes and is now happy to turn into a considerable shareholder, cementing its ongoing dedication to WWI’s focused gold manufacturing.
“The present 4.37m ounce AU JORC useful resource already evidences a big deposit.
“Wingfield believes that gold costs will rise within the coming years and with that the numerous potential financial viability of the remainder of the historic 12.8M ounce AU useful resource (JORC 1997), together with these areas at present beneath the water desk.
“We see the potential for growing WBP right into a world class Tier 1 gold asset. We’re excited for the way forward for WWI.”
Vote of confidence
West Wits managing director Jac van Heerden stated: “The Board welcomes Wingfield’s election to transform and the taking on of a considerable holding within the Firm.
“Wingfield’s election gives a vote of confidence within the firm’s execution of its improvement plan because the WWI Group targets maiden underground manufacturing on the WBP in 2021.”