Greenwing Resources Completes Equity Raising Program
Key points
- Placement of SPP shortfall raises $0.9m
- Additional $0.6m placement to meet strong demand
- Strengthens company's balance sheet
Full summary
Greenwing Resources Ltd (ASX:GW1) has announced the successful completion of its Equity Raising Program, which was first announced on 28 April 2025. The company has placed the balance of the Share Purchase Plan (SPP) shortfall, raising $0.9 million. Additionally, Greenwing has received commitments for an additional $0.6 million placement on the same terms to cater to strong demand. The new ordinary shares will be issued at $0.03 per share. The company continues to bolster its balance sheet, with the sale of some surplus equipment and non-critical spares from its Graphmada graphite mine in Madagascar. Greenwing CEO Peter Wright commented that the level of interest received for the SPP shortfall shares is pleasing and reflective of improving sentiment for both lithium and graphite. The company has now concluded all components of its capital raising program as announced in April 2025, placing it on a sound financial footing with a portfolio of well-progressed assets, including the San Jorge Lithium project, the Graphmada Graphite mine, and the Que River Polymetallic Mine.
Outlook
The company looks forward to updating the market soon on its progress as it continues to advance its critical minerals projects.
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