White Cliff Minerals Ltd (ASX:WCN) has extended its rights issue by five business days due to postal delays, with the offer now open until Friday 1st September 2017.
The offer will raise up to $1.88 million from a 1:2 non-renounceable rights issue priced at $0.002, and is partially underwritten by Gleneagle Securities Nominees Pty Ltd to the amount of $1 million.
The new funds will be predominately used for drilling of the company’s flagship Aucu gold project (WCN 90%) in the Kyrgyz Republic, and selected old targets within the company’s Western Australian gold project tenement package.
Growing the Aucu gold resource
Recently, White Cliff posted a 93% increase to its JORC resource at Aucu, which now stands at 1.8 million tonnes at 5.2 g/t gold for 302,000 ounces of gold.