White Cliff Raises $1.5 Million in Oversubscribed Placement
Perth, Nov 7, 2016 AEST (ABN Newswire) - White Cliff Minerals Limited (
ASX:WCN) ("White Cliff" or "the Company") is pleased to announce that it has completed a $1.5 million placement to professional and sophisticated investors through the issue of 200 million new shares at 0.75 cents per share. Participants in the placement will also receive one attaching option exercisable at $0.013 on or before 31 December 2018 for every three shares subscribed ("Placement").
Novus Capital Limited acted as Lead Broker and underwriter in respect of the Placement. The Placement was underwritten to $750,000 however investor demand was well in excess of the underwritten amount.
Funds raised pursuant to the Placement will be used primarily to fund the following exploration:
1. Further drilling at the Aucu gold prospect where significant surface expressions of visible gold have been discovered along strike from the Company's existing gold resource of 156,000 Ounces at 4.2 g/t of gold from surface.
2. Conduct metallurgical testwork on high grade samples recovered from this years drilling, and update its JORC compliant gold resource at the completion of this testwork, and;
3. Drill testing high grade gold soil anomalies at the Company's Merolia gold project.
White Cliff's Managing Director, Mr Todd Hibberd commented "We are very pleased with the strong response received for this Placement. The quality of the Company's high grade gold project in Central Asia and Western Australian gold projects has generated significant interest. Ongoing drilling in Kyrgyz and accelerated drilling of our Western Australian gold projects is expected to generate a constant supply of positive exploration results. Indeed we will now be able to commit to a drill program at the Ironstone prospect before the year end."
The Placement has been made to professional and sophisticated investors. The Placement will be completed in two tranches with 200 million shares issued in the first tranche, pursuant to the Company's 15% capacity under ASX listing rule 7.1. The attaching 66.67 million options will be issued after the lodging of a prospectus to remove trading restrictions. An application to ASX for the options to be quoted will be made subject to all ASX conditions being met.
A share purchase plan (SPP) to raise $1,250,000 on the same terms as the Placement was announced on 31 October 2016. The SPP offer letter will be dispatched to eligible shareholders this week.
To view the release, please visit:
http://abnnewswire.net/lnk/O4588FV6
Contact
Todd Hibberd
Managing Director
T: +61-8-9321-2233
White Cliff Minerals Ltd
WWW: www.wcminerals.com.au
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