White Cliff Minerals (ASX:WCN) has completed the first tranche of its oversubscribed placement priced at $0.006 to professional and sophisticated investors.
Following the receipt of $107,400 in funds, the company has issued 17.9 million shares.
A further 182.1 million shares worth $1,092,600 will be issued after receipt of shareholder approval for Tranche 2 of the placement at a meeting on 27th October 2015.
Proceeds will be used for further exploration and drilling on its existing exploration portfolio and general working capital.
The company has started drilling at the Aucu Gold project in the Kyrgyz Republic on several targets hosting visible gold at surface.
Visible gold was identified at surface occurs in three separate structures, each extending at least 3,000 metres in length.
The program will test each structure in several locations to ascertain the overall scale and tenor of the larger gold bearing mineralised region.
Exploration is also ongoing at numerous nickel sulphide targets on the Merolia nickel and copper project in Western Australia, where the company has identified five high impact nickel targets in a similar setting to Sirius Resources’ (ASX:SIR) Nova-Bollinger nickel-copper-cobalt deposits.
Drill testing is likewise planned down dip and along strike from historical high grade gold intersections at its Ironstone gold project.
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