White Cliff Minerals Ltd (ASX:WCN) has a new substantial shareholder in New Zealand-based Denman Income Limited, which has a 6.57% stake.
Denman has reached this status by accumulating shares between December 12, 2018, and March 8, 2019, with a total value of $213,040.
The investor now holds a total of 15.19 White Cliff securities with the shares last trading at 0.7 cents.
READ: White Cliff Minerals raises capital amid cost reductions and strategic asset review
White Cliff is undertaking a partially underwritten non-renounceable entitlements offer to shareholders to raise up to almost $1,155 million.
The entitlement offer is underwritten to the amount of $1 million by Perth-based CPS Capital Group Pty Ltd.
One new share for every one White Cliff share held will be issued at a price of 0.5 cents and each new share will include one free-attaching option exercisable at 1.5 cents.
READ: White Cliff Minerals takes stock of battery metals and gold assets including high-grade Aucu project
Funds raised will be used for development work at the Chanach Gold-Copper Project in the Kyrgyz Republic as well as at the Coronation Dam and Ghan Well cobalt-nickel projects in Western Australia.
