31 October 2016
White Cliff Minerals Limited announces that it has appointed Novus Capital Limited (Novus) to undertake an underwritten Placement and Shareholder Purchase Plan (SPP).
Novus have agreed, subject to finalisation of documentation incorporating normal commercial terms and conditions, to underwrite a $750,000 Placement to professional and sophisticated investors through the issue of 100 million new shares at $0.0075 per share. Participants in the Placement will also receive one attaching Option exercisable at $0.013 on or before 31 December 2018 for every three shares subscribed (“Placement”). The Placement is expected to be completed in the first week of November 2016.
The Options attaching to the offers will be issued following the lodgement with ASIC and approval of a Prospectus to issue ASX quoted and tradable Options. This Prospectus will be lodged with ASIC after the Company’s AGM in December 2016.
Further Novus have agreed, subject to finalisation of documentation incorporating normal commercial terms and conditions, to underwrite a $1,250,000 SPP on the same terms as the Placement. Existing shareholders on the register on 28 October 2016 will be entitled to purchase up to $15,000 of WCN shares at $0.0075 per share. The SPP participants will also receive one free attaching Option exerciable at $0.013 on or before 31 December 2018 for every three shares purchased. SPP applications will be accepted on a first come first served basis with documentation expected to be dispatched shortly.
For more information and to view the full announcement, please click here.