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White Rock Minerals completes second tranche of placement raising $4.44 million

Funds raised through the two-tranche placement will be allocated to exploration at the Red Mountain Project in Alaska with a focus on gold.

White Rock Minerals Ltd - White Rock Minerals completes second tranche of placement raising $4.44 million
White Rock’s flagship exploration project is Red Mountain in central Alaska

White Rock Minerals Ltd (ASX:WRM) has completed the second tranche of its A$7.35 million placement to institutional and sophisticated investors announced in May.

More than 1.479 billion shares have been issued under the tranche-2 placement at an issue price of 0.3 cents per share, which will rank equally with existing shares.

Funds will be spent towards White Rock's exploration program at its Red Mountain Project in Alaska, particularly at the recently discovered Last Chance gold stream sediment anomaly and for working capital purposes.

Funds enable “full season of exploration”

Managing director and CEO Matt Gill said: "This injection of funds enables White Rock to conduct a full season of exploration activities at Last Chance in 2020.

“The board is very appreciative of the strong support shown from our current shareholders and welcomes the interest and support being shown from the new investors joining the White Rock journey through this equity raising.”

On July 9, the company extended the closing date for its share purchase plan (SPP) following enquiries from several eligible shareholders interested in participated who had experienced delays in receipt of their SPP offer booklet.

White Rock has also today issued:

  • 100,000,000 shares to Canaccord Genuity (Australia) Limited as approved by shareholders at the general meeting on July 9;
  • 12,500,000 WMRO listed options to Martin Place Securities Pty Ltd as approved by shareholders at the general meeting on July 9;
  • 100,000 shares pursuant to WRMAAA unlisted options exercised; and
  • 222,223 shares pursuant to WRMO listed options exercised.

Quick facts: White Rock Minerals Ltd

Price: 0.595 AUD

ASX:WRM
Market: ASX
Market Cap: $43.23 m
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White Rock Minerals crews return to Last Chance as company prepares to drill

White Rock Minerals (ASX: WRM) Managing Director Matt Gill joined Steve Darling with news the company is getting ready to start their 2020 drill program at the Last Chance project in Alaska. Gill shared with Proactive how many metres of drilling are expected and he also shares news about the...

on 30/6/20

2 min read