White Cliff Minerals Ltd (ASX:WCN) has had its managing director and CEO, Todd Hibberd, purchase 2.5 million company shares on market.
The vote of confidence from Hibberd raises his total shareholding in the company to 68 million shares.
READ: White Cliff Minerals prepares for 3,000 metres of drilling at Coglia Well cobalt nickel project
White Cliff recently received statutory approvals for an initial 3,000-metre drilling program at its Coglia Well cobalt and nickel project.
Drilling undertaken at Coglia Well in 2016 identified widespread cobalt and nickel mineralisation over an area 2,500 metres in length and 500 metres in width.
Some of the better extensions included 28 metres at 0.12% cobalt and 0.55% nickel from 60 metres and 12 metres at 2.18% nickel and 0.06% cobalt.
Battery metals portfolio to compliment gold portfolio
While the advanced Aucu Gold Project in the Kyrgyz Republic continues to progress, White Cliff is also developing its battery metals portfolio based in Western Australia.
The company owns 100% of three battery energy metals projects in Western Australia - Coronation Dam, Ghan Well and Coglia Well.
READ: White Cliff Minerals launches rights issue for cobalt nickel gold exploration
White Cliff also plans to undertake a partially underwritten renounceable 1:6 rights issue priced at $0.003 to raise circa $1.66 million in funding.
For every new share, shareholders will receive one free attaching option exercisable at $0.01 expiring 30 June 2019.
Funds will be used for activities including:
• Exploration and drilling of the Western Australian cobalt-nickel projects;
• On-going exploration of the Chanach copper-gold project; and
• Selected drilling of Western Australia-based located gold targets.