The SPP, which was part of an overall capital raising including a $3.8 million placement, was announced on September 26 and closed on Friday, October 18.
There were subscriptions received for 106.875 million shares at 0.8 cents per share and the new shares are expected to be issued on Wednesday, October 23.
Wizard Lake project
Funds raised will enable the company to bring forward timeline deliverables of Rex-3 drilling in order to earn a 50% project interest and move Rex-3 into a production profile as soon as possible.
It will also allow Whitebark to continue to pursue growth opportunities through exploration and acquisition activities.
Managing director David Messina said: “Oil market conditions have unexpectedly improved in the short term, so we have taken this opportunity to fast-track our whole program and provide additional flexibility to pursue corporate growth opportunities.”