White Cliff Minerals Ltd (ASX:WCN) has received the first tranche of the $2,640,000 placement that was oversubscribed to professional and sophisticated investors at $0.006 each.
The company has issued 271,877,765 ordinary fully paid shares for $1,631,267 of tranche 1 funds.
The placement was made with one free attaching option for every four shares held.
The second tranche of shares will be issued upon receipt of shareholder approval that will raise a further $1,008,733 to complete the planned drill program of the high grade eastern upper gold zone at the Aucu gold discovery in the Kyrgyz Republic.
The objective is to scale the current resource at Aucu during the 2016 field season, which based on previous and projected exploration success could deliver one million ounces of gold resource in 2016/17.
The deposit is open, both at depth and along its 3 kilometre strike.
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