White Cliff Minerals (ASX: WCN) is raising $1.6 million to fund ongoing exploration activities at the Lake Johnston nickel-copper project in Western Australia.
The funds will be raised through a placement of about 72.7 million shares priced at $0.022 each to professional and sophisticated investors.
Participants in the placement will receive one attaching option exercisable at $0.06 on or before 30 September 2014 for every one share subscribed.
Drilling at Lake Johnston will test 10 recently identified category one coincident EM and soil geochemical targets.
Seven of these targets will be tested by a 2,000 metre drilling program in March 2013 while an electromagnetic program and an extensive soil sampling program will be undertaken over the remaining three targets before further drilling is carried out in mid-2013.
The two tranche Placement has been made predominately to sophisticated investor clients of Hartleys Limited with the first tranche of about 8.4 million shares and accompanying options made under the 15% capacity while the remaining 64.3 million shares will be issued subject to shareholder approval at a General Meeting to be held on or around Thursday, 7 March 2013.
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