Deal funds exploration at Kyrgyz Republic Chanach copper-gold project
By Devika Patel
Knoxville, Tenn., Feb. 11 - White Cliff Nickel Ltd. said it completed a private placement of stock with clients of Bell Potter Securities Ltd. and Emerald Partners Pty Ltd. It raised A$1.95 million in the "heavily subscribed" deal via lead manager Bell Potter Securities.
The company sold 13 million ordinary shares at A$0.15 per share, a 28.57% discount to A$0.21, the closing share price on Feb. 10.
The shares will be issued in two tranches. The first tranche of 8.1 million shares will raise A$1.22 million by Feb. 16; the second tranche of 4.9 million shares will raise A$735,000 by March 30.
Proceeds will be used to accelerate the company's drilling and exploration activities at its advanced Kyrgyz Republic Chanach copper-gold project and Australian nickel projects during 2011.
White Cliff is a West Perth, Australia-based copper, gold and nickel explorer.
| Issuer: | White Cliff Nickel Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$1.95 million (A$1,215,000 in first tranche, A$735,000 in second tranche)
|
| Shares: | 13 million (8.1 million in first tranche, 4.9 million in second tranche)
|
| Price: | A$0.15
|
| Warrants: | No
|
| Manager: | Bell Potter Securities Ltd. (lead)
|
| Announcement date: | Feb. 11
|
| Settlement dates: | Feb. 16 (for A$1,215,000), March 30 (for A$735,000)
|
| Stock symbol: | Australia: WCN
|
| Stock price: | A$0.19 at close Feb. 11
|
| Market capitalization: | A$10.09 million
|
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