White Rock Minerals Ltd Stock Market Press Releases and Company Profile
White Rock Minerals Placement and Entitlement Offer
White Rock Minerals Placement and Entitlement Offer

Ballarat, Mar 21, 2018 AEST (ABN Newswire) - White Rock Minerals Limited (googlechartASX:WRM) (White Rock) is pleased to announce an Equity Raising of up to $5.2 million through a Placement and Entitlement Offer.

Overview

- White Rock is pleased to announce an equity raising of up to $5.2 million (before costs) through a:

o Placement of fully paid ordinary shares and 1 for 2 unlisted options, the issue of options being subject to shareholder approval, to raise $1.6 million (Placement) and

o 1 for 3 partially underwritten pro-rata non-renounceable entitlement offer of fully paid ordinary shares (New Shares) and 1 for 2 unlisted options to existing eligible shareholders to raise up to $3.6 million (Entitlement Offer) (together the Equity Raising).

- Offer price of $0.01 (1 cent) per share represents a 33% discount to the last traded price of White Rock shares and a 25% discount to the 15 day and one-month VWAP.

DJ Carmichael Pty Limited is acting as the lead manager and underwriter to the Equity Raising (Lead Manager). The Lead Manager has received firm acceptances for the Placement and has underwritten the Entitlement Offer to $1.6 million.

Funds raised from the Equity Raising (after costs) will be used to fund White Rock's exploration activities at its globally significant high-grade zinc VMS Red Mountain Project in Alaska and for general working capital purposes.

MD & CEO Matt Gill said:-

"This Equity Raising is a game-changer for White Rock. With this Equity Raising, White Rock will be able to get on the ground in Alaska this coming northern spring and conduct an aggressive exploration program on our globally significant, high-grade zinc VMS project at Red Mountain. We are very excited about the potential for this project, and the news flow that should come from a successful drilling campaign and a more regional geophysics and geochemistry program here.

Since acquiring the Red Mountain project in early 2016, we have expanded our strategic footprint 10-fold, to 143km2, and have also released a maiden Mineral Resource(see Note 1 below) that immediately placed the Red Mountain Project in the top quartile of undeveloped high-grade VMS (zinc, silver, gold) deposits globally(see Note 2 below). Importantly, the two deposits identified within the Company's extensive land holding immediately placed the Red Mountain zinc project as one of the highest grade and more significant deposits of any zinc company listed on the ASX and an important VMS asset within a global context(see Note 3 below).

Our drill program for the 2018 field season aims to further build on our geological knowledge of the mineralisation, increase confidence in the Resource base, expand the already globally significant Resources at the existing deposits and discover new deposits.

The Board is very appreciative of the strong support shown from current shareholders, and the interest and support being shown from the new investors now joining the White Rock journey through this Equity Raising. This is an exciting time for White Rock."

About the Placement

White Rock has successfully made a placement of new ordinary shares to certain institutional and wholesale investors at the issue price of A$0.01 (1 cent) per share to raise approximately A$1.6 million. It is expected that approximately 159,824,134 fully paid ordinary shares will be issued as part of the Placement. In addition, 1 for 2 unlisted options are expected to be issued, subject to shareholder approval, exercisable at $0.02 and expiring three years from the date of issue of the Placement shares.

Placement investors will be eligible to participate in the Entitlement Offer in respect of any shares issued to them under the Placement.

About the Entitlement Offer

The offer price for the Entitlement Offer is $0.01 (1 cent) per New Share (Offer Price). Under the Entitlement Offer, eligible shareholders will be able to subscribe for 1 New Share for every 3 existing fully paid ordinary shares held at 7.00 pm (Melbourne time) on 3 April 2018 (Record Date) at the Offer Price. In addition, 1 for 2 unlisted options will be issued, exercisable at $0.02 and expiring three years from the date of issue of the Placement shares.

DJ Carmichael Pty Limited has underwritten the Entitlement Offer to a total of $1,600,000. The Directors and Lead Manager have reserved the right to place any shortfall within 3 months of date of the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

In addition to being able to apply for new shares under the Entitlement Offer, eligible shareholders will also have the ability to apply for additional new shares and 1 for 2 attaching options, in excess of their entitlement that are not subscribed for by other eligible shareholders under the Entitlement Offer at the Offer Price. Any additional subscriptions are subject to approval by the Board.

Eligible shareholders will shortly receive information including a personalised entitlement and acceptance form, which will provide further details on how to participate in the Entitlement Offer. A copy of the information will also be lodged with ASX. White Rock will also despatch a letter in relation to the Entitlement Offer to each holder of options. Those shareholders who White Rock determines to be ineligible shareholders will also be notified.

An investor presentation on the Equity Raising has been lodged with ASX today. The investor presentation contains important information, including a summary of key risks associated with an investment in White Rock.

Equity Raising Key Dates

Event: Announcement of the Equity Raising
Date: Wednesday 21 March 2018

Event: Lodgement of Entitlement Offer documents with ASX
Date: Monday 26 March 2018

Event: Shareholder notice despatched
Date: Tuesday 27 March 2018

Event: Issue and Allotment of Placement Shares
Date: Tuesday 27 March 2018

Event: Shares traded on an "ex" entitlement basis
Date: Thursday 29 March 2018

Event: Record Date for eligibility to participate in the Entitlement Offer
Date: 7.00 pm (Melbourne time) Tuesday 3 April 2018

Event: Despatch of Entitlement Offer documents and Entitlement and Acceptance Form to eligible shareholders
Date: Thursday 5 April 2018

Event: Entitlement Offer opens
Date: Thursday 5 April 2018

Event: Last date to extend the Closing Date for the Entitlement Offer
Date: Monday 16 April 2018

Event: Entitlement Offer closes
Date: 5.00 pm (Melbourne time) Thursday 19 April 2018

Event: New Shares quoted on deferred settlement basis
Date: Friday 20 April 2018

Event: Shortfall (if any) announced to ASX
Date: Monday 23 April 2018

Event: Issue of New Shares under the Entitlement Offer and despatch of Holding Statements
Date: Thursday 26 April 2018

Event: New Shares under Entitlement Offer commence trading on a normal settlement basis
Date: Friday 27 April 2018

All dates are indicative only and subject to change. All times and dates refer to times and dates in Melbourne, Australia. Subject to the requirements of the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws, White Rock reserves the right to withdraw or vary the timetable without notice.

Notes:

1 Refer ASX Release dated 26 April 2017 "Maiden JORC Mineral Resource at Red Mountain zinc silver project".

2 Refer ASX Release dated 11 July 2017 "White Rock Minerals independent research report".

3 Refer ASX Release dated 26 September 2017 "White Rock Minerals independent research report".

The trading halt in the company's shares can now be lifted.


About White Rock Minerals Ltd

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.

https://www.linkedin.com/company/white-rock-minerals-ltd/ abnnewswire.com 


Contact

Matt Gill (Managing Director & Chief Executive Officer)
Or Shane Turner (Company Secretary)
Phone: +61-3-5331-4644
Email: info@whiterockminerals.com.au
WWW: www.whiterockminerals.com.au



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