PERTH (miningweekly.com) – Junior White Rock Minerals will raise A$11-million through a share placement and a non-renounceable entitlement offer to fund exploration at its Woods Point gold project, in Victoria.
The ASX-listed company will place more than 9.3-million shares to institutional and sophisticated investors, at a price of 24c each, to raise an initial A$2.25-million.
A one-for-four entitlement offer would also be undertaken, also priced at 24c a share, to raise a further A$9.1-million.
The entitlement offer, under which shareholders would be allowed to subscribe for one new share for every four shares held, will open on December 14 and will close on January 14.
White Rock told shareholders that the funds raised would go towards in-mine and regional exploration at the Woods Point project, recapitalization of the Morning Star gold mine and processing facility for care and maintenance of the mine, and for working capital.
“White Rock acquired the Woods Point gold project in August, and by October we had commenced diamond drilling at the high-grade Morning Star gold mine, with two diamond rigs now operating there,” said MD and CEO Matt Gill.
“Work has also commenced on planning our regional exploration programme, with multiple highly prospective targets already identified across our extensive 600 km2 tenement package.
“This capital raise will see White Rock continue this aggressive exploration focus on the significant in-mine and regional exploration potential of the project. The board is very appreciative of the support shown from current shareholders, and the interest and support being shown from the new investors now joining the White Rock journey through this equity raising.”