White Cliff Minerals Limited (ASX: WCN) has announced that it has received firm commitments to raise A$5M through a share placement to new and existing sophisticated and professional investors.
200M shares will be issued under the placement at A$2.5c per share, being a 4% premium to the company’s last closing price and a 8.5% premium to the 15-day VWAP. Shareholders will receive one free attaching unlisted option for every four shares subscribed for, exercisable at A$0.04 each on or before three years from the date of issue.
A strategic advisor of the company, John Hancock, cornerstoned A$2.5M of the A$5M raise, and introduced a number of high net worth investors and international funds from the United Kingdom and the USA.
Troy Whitaker, managing director, commented, “I would like to thank all stakeholders for their continued support. This funding demonstrates global acknowledgement of both our strategy and the quality of our assets and achieving a premium to market of 8.5% confirms demand for the issue.”
The proceeds of the placement will be used to fund exploration programmes at the company’s highly prospective Rae Cu-Ag and Great Bear Cu-Au-Ag-U projects in northern Canada.
To find out more, please visit www.wcminerals.com.au
To read more articles like this, please visit www.theassay.com/news
