Placement of Rights Issue Shortfall
The placement is being made on the same terms as under the Entitlement Offer and involves the issue of 171,386,123 fully paid ordinary shares in White Rock at a price of $0.01 (1 cent) per share and the issue of 85,693,062 unlisted options to subscribe for White Rock shares to raise a total of approximately $1.7 million (before costs). The options have an exercise price of $0.02 (2 cents) and expire on 26 March 2021. The placement was made to existing and new sophisticated and professional investors.
The proceeds will be used to advance exploration activities at White Rock's globally significant high-grade zinc VMS Red Mountain project and for general working capital requirements. No shareholder approval is required for the placement.
DJ Carmichael Pty Limited is acting as the lead manager to the placement.
The shares and options are expected to be issued on or about Tuesday 17 July 2018.
MD & CEO Matt Gill said:
"The White Rock board is very appreciative of the support from existing shareholders and new investors and their vote of confidence in the Company's current plans to explore, discover and add to the already globally significant high-grade zinc (and precious metals) VMS resource we have in central Alaska at our Red Mountain project.
We currently have over twenty personnel on site, comprising a terrific support crew, a geological reconnaissance crew, an on-ground geophysics crew and the drilling crew. This funding, combined with the recent strategic relationship and funding entered into with Sandfire Resources (refer ASX announcement on 10th July 2018 "White Rock enters into Strategic Relationship with Sandfire") not only ensures we are fully funded to execute our current exploration program, but to further extend those activities deep into the current Summer season.
As I have said previously, this is indeed an exciting time for the Company and its shareholders."
About White Rock Minerals Ltd
White Rock Minerals Ltd (ASX:WRM) is an Australian listed minerals exploration and development company with projects located in northern NSW (gold and silver) and central Alaska (zinc, silver, lead and gold). The White Rock vision is to explore and develop both precious and base metal projects.
White Rock's cornerstone asset is the Mt Carrington epithermal gold-silver project in northern NSW. The Mt Carrington project has great leverage to the Australian gold and silver prices with a positive scoping study providing a path towards feasibility studies and development in the near term.
White Rock is also exploring the Red Mountain project in Alaska. Red Mountain is a globally significant advanced VMS project with high grade zinc and silver in two deposits. White Rock is exploring for additional high grade deposits that will enhance the projects leverage to an upturn in the fortunes of zinc and silver.
White Rock Minerals Ltd