Completion of Tranche 2 Placement
Ballarat, July 16, 2020 AEST (ABN Newswire) - Further to its ASX announcement of 28 May 2020, White Rock Minerals Ltd (
ASX:WRM) (White Rock) is pleased to announce the successful completion of the second tranche of the placement (Tranche 2 Placement) of fully paid ordinary shares (Shares) to various institutional and sophisticated investors which raised approximately $4.44 million (before costs).
A total of 1,479,750,000 Shares have been issued under the Tranche 2 Placement at an issue price of $0.003 (0.3 cents) per Share. The Shares issued under the Tranche 2 Placement will rank equally with existing shares.
The proceeds will be applied towards White Rock's exploration program at its Red Mountain project in Alaska, in particular in relation to exploration activities at the recently discovered Last Chance gold stream sediment anomaly1 and for working capital purposes.
White Rock's MD & CEO Matt Gill said: "This injection of funds enables White Rock to conduct a full season of exploration activities at Last Chance in 2020. The Board is very appreciative of the strong support shown from our current shareholders, and welcomes the interest and support being shown from the new investors joining the White Rock journey through this Equity Raising."
White Rock has also today issued:
- 100,000,000 shares to Canaccord Genuity (Australia) Limited as approved by Shareholders at the Company's General Meeting on 9 July 2020;
- 12,500,000 WMRO listed Options to Martin Place Securities Pty Ltd as approved by Shareholders at the Company's General Meeting on 9 July 2020;
- 100,000 shares pursuant to WRMAAA unlisted Options exercised; and
- 222,223 shares pursuant to WRMO listed Options exercised.
About White Rock Minerals Ltd
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is a diversified explorer and near-stage producer, headquartered in Ballarat, Victoria. The Company's flagship exploration project is Red Mountain in central Alaska. At Red Mountain, there are already two high grade zinc - silver - gold - lead VMS deposits, with an Inferred Mineral Resource of 9.1 million tonnes @ 609g/t AgEq / 13% ZnEq. The Company is also exploring its recently discovered large intrusion related gold anomaly at Last Chance, also located in the Tintina gold belt of Alaska, home to multi-million gold ounce deposits like Pogo, Fort Knox and the Donlin Project. The Company also has the Mt Carrington project, located near Drake, in Northern NSW, which is a near-production precious metals asset with a resource of 341,000 ounces of gold and 23.2 million ounces of silver on an approved mining lease, and with a Gold First PFS and JORC Reserve.
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