Completion of Placement
Ballarat, May 11, 2022 AEST (ABN Newswire) - White Rock Minerals Limited (
ASX:WRM) (WRMCF:OTCMKTS) announces the successful completion of the placement of fully paid ordinary shares (Shares) to institutional and sophisticated investors, as announced on 4 May 2022 (Placement). The Placement raised $2.4 million (before costs).
A total of 15,979,003 Shares have been issued under the Placement at an issue price of $0.15 (15 cents) per Share. The Shares issued under the Placement will rank equally with existing shares.
The proceeds from the Placement will be used for:
- recruitment, re-capitalisation, pre-production development and commencement of gold production at the Morning Star Gold Mine, Victoria. Included is the continuation of one diamond drill to continue to delineate near-term ore sources as well as expansion by testing the Gap Zone;
- It is intended to re-start under the currently permitted Dayshift Only and work to secure 24/7 permitting to double the production capacity;
- Red Mountain Care & Maintenance - commitment for further exploration expenditure once the Morning Star Gold Mine reaches nameplate production and cash flow breakeven and expected funding is received from the exercise of any Options; and
- working capital.
Viriathus Capital Pty Ltd and Sanlam Private Wealth Pty Ltd acted as joint lead managers to the Placement.
Unlisted Options at the ratio of 1 for 2 Shares issued under the Placement will be subject to Shareholder approval at the next General Meeting of the Company, planned for late-June 2022.
About White Rock Minerals Ltd
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is a diversified explorer and near-stage producer, headquartered in Ballarat, Victoria. The Company's flagship exploration project is Red Mountain in central Alaska. At Red Mountain, there are already two high grade zinc - silver - gold - lead VMS deposits, with an Inferred Mineral Resource of 9.1 million tonnes @ 609g/t AgEq / 13% ZnEq. The Company is also exploring its recently discovered large intrusion related gold anomaly at Last Chance, also located in the Tintina gold belt of Alaska, home to multi-million gold ounce deposits like Pogo, Fort Knox and the Donlin Project. The Company also has the Mt Carrington project, located near Drake, in Northern NSW, which is a near-production precious metals asset with a resource of 341,000 ounces of gold and 23.2 million ounces of silver on an approved mining lease, and with a Gold First PFS and JORC Reserve.
| ||
|
