White Cliff Minerals has raised Aus$1.2 million through an oversubscribed placement that highlights the support investors have for its high grade Chanach Copper Gold Project.
The funds were raised through a placement of about 133 million shares priced at $0.009 each to professional and sophisticated investors. Participants in the placement will receive one attaching option exercisable at $0.03 on or before March 11, 2017 for every two shares.
White Cliff is also planning to undertake a shareholder purchase plan on the same terms as the placement.
Chanach is a porphyry copper-gold prospect located within 100km of 93 million ounces of gold resources and 25 million tonnes of contained copper that are hosted in seven separate resources. The project covers 83sqkm and is 350km southwest of the capital Bishkek. It also has good road access and is close to regional mining support hubs. White Cliff currently owns a 57% interest and has an option to increase that to 88.2% by purchase of the minority 32.2% interest held by T2 Gold.
Drilling at the Chanach deposit had returned 10 metres @ 1.01% copper and 14 metres @ 0.77% copper while trenching at Aucu had intersections of 7 metres @ 3.83% copper and 30.1 grams/tonne gold and 10 metres @ 1.73% copper.
“We are very pleased with the strong response received for this placement. The strength of the raising demonstrates the strong interest and high expectations investors have for both our high grade copper-gold project in Central Asia and the high quality nickel-copper projects we have in Western Australia,” White Cliff's managing director Todd Hibberd says.
“Funds raised will fully fund White Cliff to trench and drill test the Aucu copper-gold discovery at Chanach, drill test four category one coincident EM and soil geochemical targets at Lake Johnston in WA and generate new nickel-copper drill targets at the Merolia project in WA.
“Trenching and drilling will commence next month on multiple targets, with assay results to soon follow. We’re very excited by the potential for significant discoveries at Chanach, Lake Johnston and Merolia.”