White Cliff Nickel (ASX: WCN) has completed a private placement book-build to raise A$1.95 million through the issue of 13 million new shares at A$0.15.
The funds will be used to accelerate White Cliff's drilling and exploration activities at its advanced Kyrgyz Republic Chanach copper-gold project, and Australian nickel projects during 2011.
The placement, which was heavily subscribed, has been made to clients of Bell Potter Securities Limited and Emerald Partners Pty Limited with Bell Potter acting as lead manager for the raising.
The placement consists of two tranches with 8.1 million shares in tranche 1 expected to take place on or before 16th February.
An additional 4.9 million shares will be placed in tranche 2, conditional on shareholder approval on or before March 30th.
White Cliff currently has field-based and corporate activities in progress including three nickel sulphide projects in Western Australia.
A 3000 metre reverse circulation and diamond drilling program will commence at the Chanach copper-gold project in July-August 2011 targeting the porphyry copper-gold mineralisation at depth.
White Cliff Nickel is currently trading at A$0.19 per share.