White Cliff Minerals (ASX:WCN | OTCQB:WCMLF) has announced that it received solid commitments to raise approximately A$14.4M (before costs) through the issuance of 384,615,398 new, fully paid ordinary shares of the company. Utilizing the “flow-through shares” provisions under Canadian tax law 307,692,321 shares will be issued at an issue price of A$0.0403 per share representing a 38.9% premium to WCN’s last trading price of A$0.029 (14 May 2025) for a total of A$12.40m (Flow-Through). Additionally, the Company has received firm commitments to raise $2 million (before costs) through a share placement to new and existing sophisticated and professional investors (Placement). 76,923,077 shares will be issued under the Placement at $0.026 per share, being a 10.3% discount to the Company’s last closing price before trading halt.
This capital raise was cornerstoned by the company’s strategic advisor, John Hancock, and his private family office, Astrotricha Captial SEZC. It was significantly oversubscribed, with the company receiving investment interest from a number of new investors – both financial institutions and institutional and sophisticated shareholders from Australia, the UK, Hong Kong, and Singapore.
The company notes that these funds will be used to expand and accelerate drilling and exploration at the Rae Copper Project, where drilling is set to restart in mid-July. Activities at Rae moving forward will include both reverse circulation and diamond drilling, giving the company increased flexibility in their targeting approach.
Troy Whittaker, Managing Director of White Cliff Minerals notes, “The successful completion of this capital raise is a testament to the quality of our Rae Copper Project and the confidence that investors have in our exploration strategy. The ability to access the less dilutive flow through funds at a circa 40% premium is a huge advantage and value accretive for shareholders. Further, John Hancock and his Astrotricha Capital Family Office cornerstone position in the raise, along with the support of other high net worth investors introduced by Astrotricha, reflects their shared vison for the future of WCN and underpins the Company’s development plans for the Rae Copper Project.”
The company expects to update shareholders on additional assay results for holes 5, 6, and 7 at Danvers over the coming weeks.
To find out more, please visit https://wcminerals.com.au/
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