White Rock unveils ‘game-changer’ equity raising to advance NSW, Alaska projects
JOHANNESBURG (miningweekly.com) – Minerals explorer White Rock is seeking to raise $5.74-million through the placement of shares and an entitlement offer to fund studies and exploration at projects in New South Wales and in Alaska.
The company will raise $1.62-million in a placement of ordinary shares to investors and up to $4.12-million in an one-for-two nonrenounceable entitlement offer of shares to existing eligible shareholders at an offer price of 1.5c a share.
The funds raised will be used to fund the definitive feasibility study (DFS), the environmental-impact assessment (EIS) and associated approvals for the Mt Carrington gold/silver project in New South Wales, as well as for exploration activities at the Red Mountain zinc/silver project in Alaska.
“This equity raising is a game-changer for White Rock. With this equity raising, White Rock will be able to advance the current scoping study to DFS level and progress the necessary permitting through completion and submission of its EIS,” said MD and CEO Matt Gill on Wednesday.
Once these activities are completed, White Rock expects the proposed $19-million financing package offered by Cartesian Royalty to unlock the full potential of the Mt Carrington project, which has a resource base of 338 000 oz of gold and 23.4-million ounces of silver.
Gill said the project was supported by existing infrastructure and provided strong financial returns over an initial seven-year mine life.
“This equity raising should also allow White Rock to advance its highly prospective silver VMS project in Alaska, where some 30 high-priority conductors have been identified from initial geochemistry and geophysics work; this in conjunction with the two known deposits already identified at Dry Creek and West Tundra Flats,” he added.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation