White Cliff Minerals Ltd (ASX:WCN) directors continue to demonstrate confidence in the company’s dual cobalt-nickel and gold strategies by acquiring shares on-market.
Managing director Todd Hibberd has acquired a further 498,850 shares on-market at 0.4 cents each, taking his holding to 69 million.
Non-executive director Rodd Boland has acquired 500,000 shares on-market at 0.4 cents each and now holds 9.89 million shares.
READ: White Cliff Minerals chairman makes fourth share purchase this month
Earlier in March, Hibberd had acquired two parcels of shares for a total of almost 5 million while chairman Michael Langoulant has this month acquired four parcels for a total of 7 million shares.
Closing date for acceptances in the company’s 1:6 rights issue to raise up to $1.66 million is Thursday, March 22.
Funds for exploration and drilling
The majority of funds will be used to fund exploration and drilling of White Cliff’s Western Australian cobalt-nickel projects and ongoing exploration of the Chanach copper-gold project in the Kyrgyz Republic.
Funds will also be allocated to general working capital and offer expenses.