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White Cliff Minerals directors continue to demonstrate confidence in company through on-market purchases

The chairman and managing director have made five separate share purchases this month.
Australian currency
White Cliff is undertaking a 1:6 rights issue to raise up to $1.66 million

White Cliff Minerals Ltd (ASX:WCN) directors continue to demonstrate their confidence in the company by acquiring shares on-market.

Chairman Michael Langoulet has acquired a further 1.5 million shares at 0.4 cents each, taking his holdings to more than 60.5 million shares.

Managing director Todd Hibberd has acquired more than 2.498 million additional shares on-market at 0.4 cents each, taking his total holdings to more than 68.5 million shares.

READ: White Cliff Minerals continues to receive buying support on-market from its board

These purchases represent the fourth and fifth examples of recent buying activity by the two directors.

Earlier this month Langoulet purchased two parcels of 2.5 million shares while Hibberd also acquired 2.5 million.

Rights issue to raise up to $1.66 million

They come as the company embarks on a rights issue to raise up to $1.66 million.

White Cliff is issuing one new share for every six shares held at an issue price of 0.3 cents each.

For each new share shareholders will also receive one free attaching option with an exercise price of 1 cent and an expiry date of 30 June 2019.

Closing date for acceptances is 22 March

The prospectus has been sent to eligible White Cliff shareholders and the closing date for acceptances to be received by the company is 22 March 2018.

Notably, the rights issue is underwritten up to the value of $1 million.

White Cliff Minerals has battery metals and gold interests in Western Australia as well as gold interests in the Kyrgyz Republic.

White Cliff has battery metals and gold interests in Western Australia.

READ: White Cliff Minerals prepares for 3,000 metres of drilling at Coglia Well cobalt nickel project

Statutory approvals were recently received for an initial 3,000-metre drilling program at its Coglia Well cobalt and nickel project in Western Australia.

Drilling undertaken at the prospect in 2016 identified widespread cobalt and nickel mineralisation over an area 2,500 metres in length and 500 metres in width.

Some of the better intersections included 28 metres at 0.12% cobalt and 0.55% nickel from 60 metres and 12 metres at 2.18% nickel and 0.06% cobalt.

Coglia Well is in highly prospective territory 70 kilometres southeast of Laverton in the Northeast Goldfields.

Further drilling approvals sought

Drilling approvals are also being sought for the Coronation Dam and Ghan Well cobalt nickel projects.

White Cliff is planning air-core and RC programs for these projects with 3D geological and orebody models are being generated.

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