This follows the appointment of mineral sands executive Jeff Williams as its chief executive officer to bring the flagship Toliara Mineral Sands deposit in Madagascar into production.
Williams is one of few executives to take a mineral sands project through to production in his previous role as managing director at Mineral Deposits (ASX: MDL) where he brought heavy minerals sands assets near Hawks Nest, New South Wales, into production.
The company has also raised $2.6 million for general corporate purposes.
The funds will be raised through a placement of 20 million shares priced at $0.13 each. This is expected to close on 28 October 2013.
Limb has served as chairman of Mineral Deposits, a mineral sands production and smelting company, since 1997.
He had worked in the mineral exploration sector for 10 years before taking on senior roles in an investment bank for 9 years in mining finance.
In 1993 he became Managing Director of a small listed gold explorer which grew to a substantial gold producer prior to being taken over in 2000.
Limb has been a director of a number of public companies over the last 20 years and is currently the non-executive chairman of FAR Limited (ASX: FAR).
Cuthbert was a partner with the international law firm Clifford Chance for 24 years and was a member of its Global Management Committee until he retired at the end of 2009.
He is one of the foremost experts on natural resource M&A, capital raisings, government negotiations and privatizations and has represented both the mining industry and governments.
The Toliara Sands Project has estimated Resources of 959 million tonnes at 6.1% total heavy minerals, which equates to a mine life of more than 100 years at the expected initial mining rate of 8Mt per annum.
WTR is discussing sales agreements with a number of potential customers for its three primary products - sulphate ilmenite, chloride ilmenite and a zircon-rich non-magnetic concentrate.
It is also exploring strategic partner options, at both the asset and the corporate level with a number of parties undertaking due diligence.
The appointments of Nicholas Limb and Michael Cuthbert build the board's expertise as the company turns its attention towards bringing the Toliara project into production after the appointment of experienced minerals sands executive Jeff Williams as CEO.
Notably, Limb brings his own minerals sands expertise to the table while Cuthbert's experience will come into play as it explores its partnership options.
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