White Cliff Minerals Ltd.: SPP Raises $1.05 Million
Perth - White Cliff Minerals Ltd. (ASX:WCN) ("White Cliff" or the "Company") is pleased to advise that its share purchase plan (SPP) closed raising a further $1,050,000 in equity capital. Applications for 139,666,667 shares at an issue price of $0.0075 were received from existing shareholders under the SPP.The successful SPP combined with the recent $1.5 million placement has resulted in the Company raising $2.55 million in new equity; exceeding the Company's $2 million capital raising target that was set via 2 underwriting agreements with Novus Capital Limited.
Despatch of the SPP shareholding statements is expected to occur on Monday 12 December 2016.
The SPP included one free attaching option exercisable at $0.013 cents on or before 31 December 2018 for every 3 shares subscribed (SPP Options). Shareholder approval for the issue of the SPP Options was received at today's annual general meeting of shareholders.
As outlined in the SPP documents, the Company is required to offer these SPP Options by way of a prospectus which will be lodged with ASX forthwith. The Company will seek ASX listing of these options.
The funds raised pursuant to the SPP will be used to fund additional exploration at the Aucu gold prospect at the Company's Merolia gold project, and for general working capital.
Managing Director Mr Todd Hibberd commented "The Company is pleased with this level of support from existing shareholders. We are confident our planned exploration program will provide further positive exploration results to advance our suite of projects both in Western Australia and in Kyrgyz."
About White Cliff Minerals Ltd:
White Cliff Minerals Ltd. (ASX:WCN) is a Western Australian based exploration company with the following projects:
Chanach Copper-Gold Project (89%): The Project contains extensive porphyry related gold and copper mineralisation starting at the surface and extending over several kilometres. Drilling during 2014 has defined a major gold discovery with an initial inferred resource of 1.15Mt at 4.2 g/t containing 156,000 ounces of gold Drilling has also defined a significant copper deposit at surface consisting of 10Mt at 0.41% copper containing 40,000 tonnes of copper. Drilling in 2015 identified extensions of the known mineralisation over an additional 900 metres of strike with multiple intersections greater than 1 ounce per tonne (31.1 g/t) gold. Extensive mineralisation occurs around both deposits demonstrating significant expansion potential. The project is located in the Kyrgyz Republic, 350km west-southwest of the capital city of Bishkek and covers 83 square kilometres. The Chanach project is located in the western part of the Tien Shan Belt, a highly mineralised zone that extending for over 2,500 km, from western Uzbekistan, through Tajikistan, Kyrgyz Republic and southern Kazakhstan to western China.
Merolia Project (100%): The project consists of 771 square kilometres of the Merolia Greenstone belt and contains extensive ultramafic sequences including the Diorite Hill layered ultramafic complex, the Rotorua ultramafic complex, the Coglia ultramafic complex and a 51 kilometre long zone of extrusive ultramafic lava’s. The Intrusive complexes are prospective for nickel-copper sulphide accumulations possibly with platinum group elements, and the extrusive ultramafic rocks are prospective for nickel sulphide and nickel-cobalt accumulations. The project also contains extensive basalt sequences that are prospective for gold mineralisation including the Ironstone prospect where historical drilling has identified 24m at 8.6g/t gold.
Contact:
White Cliff Minerals Ltd.
Todd Hibberd Managing Director
T: +61-8-9321-2233
www.wcminerals.com.au