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WRM - WHITE ROCK MINERALS LIMITED


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  • 2 weeks later...
  • 16 years later...

White Rock Minerals Limited (WRM) is a gold and silver exploration company with projects located in the New England Fold Belt in New South Wales. Goes back a few years, since 2010 (spun out of Rex Minerals, according to another site)

 

 

30 Sep 2019 .... White Rock announces an equity raising of up to $5.4 million through a 2 for 3 prorata non-renounceable entitlement offer of fully paid ordinary shares together with 1 option for every 3 New Shares to existing eligible shareholders to raise up to $5.4 million before costs. Offer price of $0.005 per share.

05 Aug 2020 .... consolidated its shares 1 for 100.

 

and now:

AUSTAR GOLD TO BE ACQUIRED BY WHITE ROCK MINERALS (WRM)

 

 

Highlights:

• White Rock to acquire 100% of AuStar Gold by way of scheme of arrangement in an allshare transaction under which, if implemented, AuStar Gold shareholders will receive 0.78 White Rock shares for every AuStar Gold share held.

• The Scheme delivers significant value to AuStar Gold shareholders. The implied price of the Scheme consideration represents a premium of approximately 47% based on the last trading price of AUL shares on 1st February 2021 and 56% based on the 1-month VWAP of AUL shares.

• The Scheme moves White Rock into the league of gold producers and secures a large (~670km2) under-explored land package with historic high-grade gold production in the highly prospective Victorian goldfie

lds

 

 

 

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  • 1 year later...

There is a claim that White Rock will be the next gold producer, but at what cost? Raising money at a hefty discount, and a Convertible Note to dilute further. SP was 60c a year ago, now 13.5c after the 30% drop on this news:

• White Rock Minerals announces a Placement to raise approximately A$2.4 million (before costs).
• Subject to Shareholder approval, White Rock will issue one free attaching unlisted option for every two Shares...
• Subject to Shareholder approval of the Placement Options, White Rock intends to make a bonus offer of Options to all eligible Shareholders on a 1 for 2 basis of Shares held at the relevant record date.
• The Placement Offer price of A$0.15 per share represents:
o .... a 25% discount to the last traded price of White Rock shares (20cps), and
o .... a 25% discount to the 15 day VWAP for White Rock Shares (20cps).
• The exercise price of the Placement Options and Loyalty Options will be A$0.15 each (being the same as the issue price under the Placement).
• In addition, White Rock has entered into a non binding term sheet with Obsidian Global Partners, LLC in connection with a proposed convertible note and equity facility under which Obsidian may invest up to A$30 million in White Rock over a 24 month period, and which contemplates an initial A$3.5 million investment by way of convertible notes (subject entry into definitive documentation and Shareholder approval). Conversion of convertible notes is subject to a floor price of A$0.15.
• The funds raised will be used to propel White Rock into the league of gold producers

............................................

White Rock Minerals is an ASX listed explorer and near stage gold producer with three key assets:
• Woods Point ... New asset: Victorian gold project. Bringing new strategy and capital to a large 660km2 exploration land package and high- grade gold mine (past production 883,000oz @ 26.5g/t).
• Red Mountain / Last Chance .... Key Asset: Globally significant zinc silver VMS polymetallic and IRGS gold project. Alaska.
• Mt Carrington .... Near term Production Asset: JORC resources for gold and silver, on ML with a PFS and existing infrastructure, with the EIS and DFS being advanced by JV partner.

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