- White Cliff Minerals (WCN) has received binding commitments to raise $912,000 through a placement
- WCN is issuing 76 million shares to sophisticated and professional investors at a price of 1.2 cents each, which represents the same price as the closing price on November 22
- The money is going towards exploration across its portfolio of projects in WA, including at the projects White Cliff is in the process of acquiring
- WCN has ended the day 41.7 per cent in the green to close at 1.7 cents
White Cliff Minerals (WCN) has received binding commitments to raise $912,000 through a placement.
The company will issue 76 million shares to sophisticated and professional investors at a price of 1.2 cents each, which represents the same price as the closing price on November 22 and an eight per cent discount to the 15-day volume-weighted average price.
Subject to shareholder approval, company directors will apply for up to $60,000 worth of shares on the same terms as the placement.
White Cliff will use the money raised for exploration activities at the recently acquired projects from Magnet Resource Company and Preston Lithium. The acquisition is still subject to shareholder approval at a general meeting to be held in early January 2022.
The money will also go towards ongoing activities at the 100 per cent owned Reedy South gold project.
White Cliff said it’s now well-funded to advance exploration across its Western Australian portfolio.
WCN ended the day 41.7 per cent in the green to close at 1.7 cents.