White Cliff Minerals Limited announced an AU$1.7 million placement

White Cliff Minerals Limited (ASX: WCN) announced that it had received binding commitments to raise approx. AU$1.7million through a placement. The placement includes the issue of approx. 94,000,000 fully paid ordinary shares at an issue price of AU$0.018 per new share, and the issue price represents a 10% discount to the 15-day VWAP of AU$0.02.

The fund raised via the placement will be used to fast-track exploration activities at the company’s highly prospective lithium and rare earth element (REE) projects and for general working capital requirements. The company has appointed Shaw & Partners as Lead Manager of the Placement and Shaw will charge a 6% (plus GST) brokerage fee on the placement and the issue of 25 million unlisted options exercisable at AU$0.025 each within 3 years from issue.

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