White Cliff Minerals Ltd (ASX:WCN) has a new substantial shareholder in Nuzenho Holdings Pty Ltd, which now holds a 5.16% stake.
Nuzenho became a substantial holder on November 15 when it acquired 10.8 million shares for total consideration of $162,000.
The Perth-based investor now holds more than 11.925 million shares.
READ: White Cliff Minerals raises $2.3 million in rights issue and is now debt-free
White Cliff recently raised more than $2.3 million in a rights offer and is now debt-free.
The renounceable entitlements offer will result in the issue of almost 154 million shares and an equal number of options.
Applications were received totalling almost $1.109 million with the remaining shortfall of more than $1.2 million to be placed by the underwriter, CPS Capital Group Pty Ltd.
Funds to advance projects
The funds will assist the company in advancing the Aucu Gold Project in the Kyrgyz Republic as well as the Coronation Dam Cobalt-Nickel Project in Western Australia.
At Aucu, White Cliff is focused on adding further gold to the 484,000-ounce resource and at Coronation Dam the focus is on calculating a maiden resource and preliminary metallurgical test work.
READ: White Cliff Minerals new assays feature 40 metres at 0.22% cobalt and 1.75% nickel
This week, new assays were received from a 5,000-metre reverse circulation drill program at Coronation Dam.
Results have increased the extent of the high-grade mineralisation to over 600 metres long, 400 metres wide and an average thickness of 20 metres.
Best assays were 40 metres at 0.22% cobalt and 1.75% nickel from 8 metres and 36 metres at 0.10% cobalt and 0.88% nickel from surface.