White Cliff Minerals Ltd (ASX:WCN) has finalised details of a 1-for-2 non-renounceable rights issue that has raised over $900,000 from valid applications, with an additional $940,000 to come from the underwriter.
White Cliff will allocate the new funds to exploring its projects both in the Kyrgyz Republic and Australia.
Assays pending
The company is set to increase news flow from its high-grade 90%-owned Aucu gold deposit in north-west Kyrgyz Republic.
Aucu contains extensive porphyry related gold and copper mineralisation, and currently hosts an Inferred JORC Resource of 1.8 million tonnes at 5.2g/t gold for 302,000 gold ounces.
White Cliff has completed 12 reverse circulation holes for 1400 metres, and has submitted 258 four-metre composite samples to the laboratory near Bishkek, with the remainder in transit from the project site.
Drilling is continuing while the company awaits assay results.