White Cliff Minerals Ltd (ASX:WCN) executive chairman Michael Langoulant has demonstrated his confidence in the company through the on-market acquisition of 2.5 million shares.
The shares were purchased at 0.4 cents each and increase his holding of fully paid ordinary shares to more than 56 million.
READ: White Cliff Minerals receives on-market buying from managing director
Last week, the company’s managing director Todd Hibberd purchased 2.5 million company shares on market, raising his total shareholding to 68 million shares.
The company also plans to undertake a partially underwritten renounceable 1:6 rights issue priced at 0.3 cents 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.
White Cliff Minerals has battery metals and gold interests in Western Australia as well as gold interests in the Kyrgyz Republic.