Results of Renounceable Rights Issue
The Company has been advised by the rights issue underwriter, CPS Capital Group Pty Ltd, that it has received commitments from its clients to place all the shortfall shares. The allocation of the shortfall shares is expected to occur at the same time as the rights issue acceptances are allocated in accordance with the rights issue timetable.
The net proceeds from the Offer will be used to further advance the Company's Aucu Gold project in the Kyrgyz Republic, the Coronation cobalt-nickel project in Australia, repay debt and for general working capital.
The new securities are expected to be issued on Thursday, 15 November 2018, in accordance with the timetable in the prospectus.
White Cliff's Managing Director, Todd Hibberd said, "The Company is very pleased with the strong response to the rights offer and is now debt free and is working to advance both the Aucu gold project where the focus is on adding further gold resources and the Coronation Dam cobalt and nickel project where the Company will calculate a maiden cobalt and nickel resource".
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About White Cliff Minerals Ltd
White Cliff Minerals Ltd is a Gold, Copper, Cobalt, Nickel resources and mining company listed in Australia (ASX:WCN). The Company is focused on developing low cost high value mineral deposits that have near term cash flow potential.
Major projects include the Aucu gold deposit that contains 484,000 ounces of gold (3mt at 5.1 g/t) starting at surface and Chanach copper deposit that contains 64,000 tonnes of copper (17.2Mt at 0.37% copper). Both projects have substantial blue sky potential with drilling covering only 5% of the known structures. In Australia the company is developing the Coronation Dam cobalt–nickel deposit where a maiden resource will be announced in the late 2018.
White Cliff Minerals Ltd