White Cliff Minerals (ASX:WCN) recent capital raising has been very well supported by the company's board.
New funds will be allocated to drill the Southern gold zone at the company's Aucu gold project in the Kyrgyz Republic, which currently hosts a resource of 156,000 ounces at 4.2g/t gold - and has multi-million ounce potential.
At Aucu, abundant visible gold has been identified.
Within 50 kilometres of Aucu is Charaat Gold’s (AIM:CGH) 6-million-ounce Charaat mine and Fortune LLC’s 5-million-ounce Ishtamberdy mine.
Director share changes
Todd Hibberd, managing director, purchased 10 million shares for $60,000 through the Share Purchase Plan (SPP) and shareholder approved placement participation.
Hibberd now holds 28.4 million shares, with several lines of options.
Michael Langoulant, executive chairman, purchased 5 million shares to increase his stake to 18.7 million shares, with several lines of options.
Rodd Boland, non-executive director, purchased 1 million shares, increasing his stake to 2.3 million shares, with several lines of options.
The capital raising was conducted at $0.006, with shares in the company closing at $0.08 yesterday.
The SPP raised $1.2 million. with the placement $1.1 million.
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