PERTH (miningweekly.com) – ASX-listed White Rock Minerals will raise A$7.35-million through a two tranche share placement and a fully underwritten share purchase plan (SPP) to fund exploration and drill testing at its Lake Chance gold anomaly, in Alaska.
The two tranche placement will consist of 1.95-billion shares, at an issue price of 0.3c each, with the first tranche consisting of more than 470.4-million shares, to raise an initial A$1.41-million under the company’s existing placement capacity.
The second tranche placement of more than 1.47-billion shares, to raise an additional A$4.44-million, will be subject to shareholder approval.
In addition, White Rock will also undertake an SPP under which eligible shareholders would be allowed to subscribe for up to A$30 000 worth of additional new shares, also priced at 0.3c a share. The SPP is expected to raise a further A$1.5-million.
“The level of interest shown in this capital raising has been tremendous. It will allow White Rock to immediately recommence on-ground works in mid-June to explore and then drill the robust 15 km2 Last Chance gold anomaly located in the Tintina Gold belt of Central Alaska,” said White Rock MD and CEO Matt Gill.
“Large, quality exploration targets in a gold bet that already hosts the likes of Donlin Creek, Pogo and Fort Knox do not present themselves often and White Rock looks forward to drilling and potentially delineating a world-class deposit at Last Chance.”
Meanwhile, White Rock on Thursday said that it would seek shareholder approval for a 100-for-1 share consolidation at the company’s general meeting scheduled for July.
The consolidation will apply for all options on issue at the time of the consolidation.