Results of Entitlements Issue
The Company has been advised by the rights issue underwriter, CPS Capital Group Pty Ltd ("CPS"), that it has received commitments from its clients to place all of the shortfall shares. The Company will raise a further $45,500 (before costs) by way of placement of additional 9.1 million ordinary shares and free attaching options to the clients of CPS. 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 new securities are expected to be issued on Wednesday, 13 March 2019, in accordance with the timetable in the prospectus.
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