White Cliff Minerals Ltd (ASX:WCN) has a new substantial shareholder in Rookharp Investments Pty Ltd which has accumulated 28.6 million shares for a 6.08% stake.
Rookharp, which is Dubbo, New South Wales-based, reached this status by acquiring more than 21.791 million shares valued at $221,825 between November 13, 2018, and March 13, 2019.
READ: White Cliff Minerals substantial shareholder further increases stake to 12.15%
These investments follow another substantial shareholder, New Zealand-based Denman Income Limited, increasing its interest in White Cliff to 12.15% last month.
Denman participated in the company’s recent $1.15 million capital raising.
Funds raised will be used for development work at White Cliff’s Chanach Gold-Copper Project in the Kyrgyz Republic and its Coronation Dam and Ghan Well cobalt-nickel projects in WA.
READ: White Cliff Minerals lands maiden 5.7 million tonne nickel-cobalt resource at Coronation Dam
The company recently announced a maiden inferred mineral resource of 5.7 million tonnes at 1% nickel and 0.08% cobalt for the Coronation Dam Nickel-Cobalt Project in the North-Eastern Goldfields.
This resource contains 56,700 tonnes of nickel and 4,300 tonnes of cobalt and White Cliff aims to increase this through further exploration around the deposit.