White Rock Minerals Ltd (ASX:WRM, OTCQX:WRMCF) has raised A$2.4 million following the completion of its recent placement. Successful completion of the placement of fully paid ordinary shares to institutional and sophisticated investors, saw a total of 15,979,003 shares issued at an issue price of A$0.15 per share. The shares issued under the placement will rank equally with existing shares. Money raised will go towards:
Recruitment, re-capitalisation, pre-production development and commencement of gold production at the Morning Star Gold Mine in Victoria. Included is the continuation of one diamond drill to continue to delineate near-term ore sources as well as expansion by testing the Gap Zone; It is intended to re-start under the currently permitted Dayshift Only and work to secure 24/7 permitting to double the production capacity; Red Mountain care & maintenance – commitment for further exploration expenditure at the Alaskan project once the Morning Star Gold Mine reaches nameplate production and cash flow breakeven and expected funding is received from the exercise of any options; and Working capital.