WestStar Industrial is set to support its strong project pipeline with top tier customers including Rio Tinto, MSP Engineering, Talison Lithium and Tianqi Lithium with a funding boost.
The company will undertake a placement following WestStar’s recent contract wins and positive upturn in the market.
WestStar has received strong support for the $2.4 million placement from domestic and international institutional and professional investors. It is “especially pleased” to welcome new investors as shareholders of the company to supplement the investment of long-term supporters, WestStar said.
The placement price of two cents represented a 13 per cent discount to WestStar’s last closing price of 2.3 cents and an 8.8 per cent discount to its five-day volume weighted average price.