White Cliff Minerals Limited (ASX:WCN) has successfully secured firm commitments to raise $5 million through a share placement to new and existing sophisticated and professional investors. The placement, cornerstoned by the Company's Strategic Advisor, John Hancock, was priced at a market premium to the last close at $0.025 per new share, with a 1:4 free attaching unlisted 4c option. The company is now funded for a maiden drill campaign at the Rae Copper Project commencing in Q1 2025 and has the potential for Great Bear to commence later mid-season using a multi-rig approach.
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. In my opinion these projects represent the best risk reward commodity based investment opportunity, certainly in north America, and possibly the world at the current moment. The Rae Copper Silver Project and the Great Bear IOCG + Silver are amazing properties and with this funding now completed we can focus on demonstrating this. - Troy Whittaker, Managing Director
White Cliff Minerals Limited (ASX:WCN) has successfully secured firm commitments to raise $5 million through a share placement, cornerstoned by the Company's Strategic Advisor, John Hancock. The placement was priced at a market premium to the last close at $0.025 per new share, with a 1:4 free attaching unlisted 4c option. The company is now funded for a maiden drill campaign at the Rae Copper Project commencing in Q1 2025 and has the potential for Great Bear to commence later mid-season using a multi-rig approach. The proceeds of the Placement will be used to fund exploration programs at the Company's highly prospective Rae Cu-Ag and Great Bear Cu-Au-Ag-U projects in northern Canada. The capital raise has reduced uncertainty for existing shareholders and welcomed new high net worth investors and international funds from the United Kingdom and the USA. The issue price represents a 4% premium to the last traded share price and an 8.5% premium to the 15-day volume weighted average share price. Settlement is expected to occur on Tuesday, 15 October 2024, with allotment of the Placement Shares and options to occur on Wednesday, 16 October 2024. CPS Capital Group Pty Ltd acted as Lead Manager to the Placement.