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White Rock Minerals Ltd (WRM.AX) Successful Completion of Placement
Ballarat, Australia, April 30, 2021 - (ABN Newswire) - Further to its ASX announcement of 21 April 2021, White Rock (ASX:WRM) (OTCMKTS:WRMCF) is pleased to announce the successful completion of the placement of fully paid ordinary shares (Shares) to various institutional and sophisticated investors which raised approximately $8.578 million (before costs) (Placement).
A total of 16,820,664 Shares have been issued under the Placement at an issue price of $0.51 (51 cents) per Share. The Shares issued under the Placement will rank equally with existing shares.
The funds raised from the Placement will be applied towards White Rock's 2021 exploration program at its Last Chance Gold IRGS Prospect and its Red Mountain Silver-Zinc-Gold-Lead VMS Prospect in Alaska, in particular:
- 3 Drill Rigs planned for the full season, up from one rig in past drill seasons;
- Surface Reconnaissance and Geochemistry;
- Surface Geophysics;
- Airborne EM; and
- Working Capital.
White Rock's MD & CEO Matt Gill said: "With this injection of funds, we are now in the wonderful position of being fully funded for the entire 2021 season, allowing us to execute our aggressive three drill rig exploration program. The three drill rigs will be used to expand our significant high-grade silver-zinc VMS deposit at Dry Creek, test our large IRGS gold anomaly at Last Chance and drill test recently identified VMS targets never before drilled.
"Our exploration program kicks off in earnest this week when we will be flying airborne geophysics.
"This can only be described as an exciting time for White Rock and its Shareholders."
Viriathus Capital Pty Ltd (Viriathus) and Sanlam Private Wealth Pty Ltd (Sanlam) are acting as Joint Lead Managers to the Placement. For further details about the Placement refer to White Rock's ASX announcement of 21 April 2021.
About White Rock Minerals Ltd:
White Rock Minerals Ltd (ASX:WRM) 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 @ 12.9% ZnEq for 1.1 million tonnes of contained zinc equivalent. 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. White Rock Minerals is listed on the Australian Stock Exchange.
For further information, contact:
Matthew Gill or Shane Turner
For Media and Broker queries:
White Rock Minerals Ltd
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