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White Cliff Minerals chairman makes fourth share purchase this month

Michael Langoulant has purchased 7 million shares this month and managing director Todd Hibberd has purchased almost 5 million shares.
Money in jar with plant at top
The company is also undertaking a rights issue to raise up to $1.66 million

White Cliff Minerals Ltd (ASX:WCN) chairman Michael Langoulant has made his fourth purchase of shares in the company this month, displaying his confidence in the growth strategy.

He has purchased a further 500,000 shares at 0.4 cents each, taking his total acquisitions in March to 7 million.

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

The chairman now has more than 61 million shares in the company, which is exploring battery metals and gold prospects in Western Australia and also has a gold project in the Kyrgyz Republic.

Managing director Todd Hibberd has also acquired two parcels of shares this month for a total of almost 5 million and he now holds more than 68.5 million shares.

1:6 rights issue

White Cliff is undertaking a 1:6 rights issue to raise up to $1.66 million with the issue underwritten up to the value of $1 million.

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

A prospectus has been sent to eligible shareholders and the closing date for acceptances is March 22, 2018.

READ: White Cliff Minerals begins drilling for cobalt and nickel at Coglia Well project

The company has started an initial 3000-metre drilling program at its Coglia Well cobalt and nickel project in Western Australia’s Northeast Goldfields.

The program is aimed at verifying existing results and defining the grade and scale of cobalt and nickel mineralisation.

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