White Cliffs raises cash for exploration
PERTH (miningweekly.com) – Junior nickel and gold explorer White Cliff Minerals has secured a $4-million funding agreement with New York-based investment firm Magna Equities.
Under the convertible note facility, White Cliff would receive $500 000 within the five business days of closing, with an additional $500 000 payment due some 45 days thereafter. Subsequent funding of up to $500 000 a quarter would then be available at White Cliff’s election.
White Cliff told shareholders that for every dollar received from Magna, the company would issue a $1 convertible note, each with a 12-month term and convertible into a White Cliff share at any time during the term, at a 20% discount to the five-day volume weighted average price of White Cliff’s ordinary shares.
In addition, Magna would earn a 4% commitment fee, which would be paid in White Cliff shares, on the receipt of the prospective funds.
“The competitively priced funding facility provides the financial certainty to allow the company to pursue exploration programmes that will add significant shareholder value,” said White Cliff chairperson Michael Langoulant.
“The funding will allow additional drilling to be carried out at the Chanach gold and copper project, where recent drilling has identified multiple mineralised zones,” he added.
In addition, White Cliff would also accelerate the exploration on a suite of its nickel and gold targets in Western Australia.
“We believe this funding facility has the ability to deliver significant benefits to White Cliff and its shareholders by providing funding stability in concert with a sophisticated, supportive funding partner that is focused on longer-term partnerships.”
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