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White Rock Minerals Ltd (WRM.AX) Placement to Raise $11M and Investor Presentation
Ballarat, Australia, Dec 6, 2021 - (ABN Newswire) - White Rock Minerals Limited (ASX:WRM) (OTCMKTS:WRMCF) is pleased to announce an equity raising of approximately $11.3 million through a placement of fully paid ordinary shares to institutional and sophisticated investors (Placement) and a pro-rata non-renounceable 1 for 4 entitlement offer of fully paid ordinary shares (New Shares) in White Rock to eligible shareholders (Entitlement Offer) (together, the Equity Raising).
Viriathus Capital Pty Ltd and Henslow Pty Ltd are acting as joint lead managers to the Equity Raising (Joint Lead Managers). The Equity Raising is not underwritten.
Funds raised from the Equity Raising (after costs) will be used for:
- in-mine and regional exploration activities at its high-grade Woods Point Gold Project in Victoria;
- recapitalisation of the Morning Star gold mine and gold processing facility and for care and maintenance of the mine; and
- working capital.
White Rock MD & CEO Matt Gill said:- "White Rock acquired the Woods Point Gold Project in August, and by October we had commenced diamond drilling at the high-grade Morning Star gold mine, with two diamond rigs now operating there."
"Work has also commenced on planning our regional exploration program, with multiple highly prospective targets already identified across our extensive 660km2 tenement package."
"This capital raise will see White Rock continue this aggressive exploration focus on the significant in-mine and regional exploration potential of the project."
"The Board is very appreciative of the support shown from current shareholders, and the interest and support being shown from the new investors now joining the White Rock journey through this equity raising."
To view the Investor Presentation, please visit:
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.
Matthew Gill or Shane Turner
White Rock Minerals Ltd
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