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World Titanium Resources' Substantial Shareholder Ups Stake

World Titanium Resources (ASX:WTR) has received a substantial shareholder notice from Boulle Titanium, which increased its stake in the company to 20.88% from 20.69% via the uptake of a capital raising done at $0.17 a share to raise $3.170 million.

Boulle acquired 4,460,486 shares to bring the total shares held to 66,186,560.

The non-renounceable wholly underwritten rights issue had an uptake of about 84.8%, with 5.5% placed as priority shortfall applications and the shortfall placed with the underwriters.

Boulle along with Mineral Deposits and Raglan Capital were jointly underwriting the issue to the tune of 6,215,810 shares or $1,056,688 each.

The proceeds will largely be used to develop the Toliara Sands Project in Madagascar, with $1.465 million to be spent on geotechnical studies for port and road, $500,000 for permitting and approvals and $425,000 for sample analysis and processing.

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