The company is shifting its focus to three key projects: Chanach Gold-Copper Project and Coronation Dam and Ghan Well cobalt-nickel projects.
’s () substantial shareholder, New Zealand-based Denman Income Limited, has increased its stake to 10.71% voting power.
Denman bought about 35.19 million shares worth $175,937 on March 13 2019 by participating in White Cliff’s rights issue and shortfall placement.
The investor now holds a total of about 50.38 million White Cliff shares.
Funds from the capital raising will 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 financial advisory firm has been appointed to evaluate options to unlock value as the company shifts its focus to its three key projects.
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