White Cliff Minerals Ltd’s (ASX:WCN) 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.
READ: White Cliff Minerals raises up to $1.15 million to develop key WA projects
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.