White Cliff Minerals Ltd (ASX:WCN) has secured $1.66 million from its partially underwritten 1:6 rights issue priced at 0.3 cents.
The company received valid applications for 333 million ordinary shares representing $999,100 in the rights issue.
Underwriter receives demand to take all shortfall stock
Originally the rights issue was underwritten up to the value of $1 million but now the underwriter has revealed it will take all remaining shortfall stock.
This means 220.17 million shares will be issued to the underwriter who will then allocate these shares to investors.
Funding a dual strategy for cobalt-nickel and gold projects
The new funding will be used to further advance the company’s exploration projects both in the Australia and Kyrgyz Republic.
READ: White Cliff Minerals adopts dual strategy for cobalt-nickel and gold projects
White Cliff recently revealed that it has adopted a dual strategy focused on advancing its Western Australian cobalt-nickel projects at the same time as its Kyrgyz Republic gold project.
The cobalt strategy is focusing on resource definition drilling aimed at crystallising the cobalt-nickel value.
White Cliff’s gold strategy is focusing on increasing gold and copper resources at the advanced Aucu project.