Waratah Resources (ASX:WGO) has received a notice of initial substantial shareholding from Warwick John Andrew with a 6.68% interest in the company.
Andrew acquired 13,636,364 shares on 12 April 2015. This increased his total direct holding up to 28,636,364 shares.
The company is currently planning to raise up to $2.5 million through a placement of shares to professional and sophisticated investors.
Proceeds will be used to fund ongoing development of its Australian Commodities Division, continue evaluation and assessment of its exploration assets in Gabon and provide working capital.
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