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White Cliff Minerals has capital raising news pending, granted trading halt

The halt will remain in place until October 16 or when an announcement is released to the market.
White Cliff Minerals has capital raising news pending, granted trading halt
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White Cliff Minerals Ltd (ASX:WCN) has news pending of a capital raising and has been granted a trading halt by the ASX.

The halt will remain until the company releases the announcement to the market or the start of trading on Tuesday, October 16, 2018, whichever occurs earliest.

Shares in White Cliff Minerals, which has a gold asset in the Kyrgyz Republic and cobalt-nickel properties in Western Australia, last traded at 2.5 cents.

READ: White Cliff Minerals seeks to divest non-core assets as part of corporate restructure

The company has recently undergone a corporate restructure, which included a consolidation of shares and a plan to divest non-core assets via sale, joint venture or spin out.

Focus on select assets

This will enable it to focus on advancing selected Australian cobalt and nickel deposits to JORC resources and ultimately operating mines, and extracting value from its Aucu Gold Project in the Kyrgyz Republic.

Although the cobalt-nickel properties southeast of Laverton in Western Australia are at early stages, the company believes each could potentially support a stand-alone development.

Aucu gold resource

Aucu hosts an inferred resource of 2.95 million tonnes at 5.1 g/t for 484,000 ounces of gold and an inferred copper resource of 17.2 million tonnes at 0.37% for 64,000 tonnes of copper.

Recent geochemical sampling across the porphyry area has highlighted multiple significant gold-copper and base metals targets, highlighting the scale potential of the mineralised system.

READ: White Cliff Minerals strengthens executive team with company secretary appointment

White Cliff has also strengthened its executive team by appointing experienced finance and corporate governance professional Ian Hobson as company secretary.

Hobson is a fellow chartered accountant and chartered secretary with more than 30 years' professional accounting experience gained working for large chartered accounting firms.

He brings a wealth of experience to White Cliff through his commercial experience in Australia, the UK and Canada.

He will contribute to White Cliff’s financial management, corporate governance, capital raising strategies and transaction and due diligence capabilities.

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White Cliff Minerals Ltd Timeline

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