The rights issue underwriter CPS Capital Group has advised White Cliff that it has received commitments from its clients to place all the shortfall shares, worth about $500,000.
A further $45,500 (before costs) will be raised through a placement of 9.1 million ordinary shares and free-attaching options to CPS clients.
The allocation of the shortfall shares is expected to occur at the same time as the rights issue acceptances on Wednesday, March 13.
Funds are to be used for development work at White Cliff’s Chanach Gold-Copper Project and its Coronation Dam and Ghan Well cobalt-nickel projects.
White Cliff recently began a strategic review of its projects, initiating discussions with various parties regarding joint ventures or outright sale of its non-core Western Australian projects.
A global finance advisory firm has been appointed to evaluate options to unlock value as the company shifts its focus to its three key projects.