White Cliff Minerals (ASX: WCN; OTCQB: WCMLF) has secured firm commitments to raise approximately A$14.4 million before costs. The capital comes through 384.6 million new ordinary shares and marks a 29% premium to the last closing price on 14 May 2025.
Oversubscribed Raise
The raise was split into two tranches. Under Canadian flow-through provisions, 307.7 million shares priced at A$0.0403 each. That reflected a 38.9% premium to the A$0.029 trading price. This tranche will generate A$12.40 million. Additionally, 76.9 million shares were placed at A$0.026 each. That price represents a 10.3% discount. The placement will raise A$2 million.
The substantial capital raise at a premium comes after WCN ASX reported one of the most significant copper drill intercepts globally in decades, hitting 175 metres at 2.5% copper from just 7.6 metres at its Rae Project in Nunavut, Canada (polar bear territory).
Strategic Backing
John Hancock of Astrotricha Capital SEZC cornerstone-led the raise. He and his family office now stand as major shareholders. The capital raise attracted new investors from Australia, the UK, Hong Kong and Singapore. Existing institutional and sophisticated shareholders also participated.
Who is John Hancock?
John Hancock of Astrotricha Capital SEZC is a Perth-based resources investor with over 20 years’ experience in mining finance. Being the son of Gina Rinehart and grandson of the late mining magnate Lang Hancock, he comes from a mining family of the highest pedigree.
He has backed multiple ASX explorers and sits on several boards and has a history of leveraging deep family networks to source capital and off‐take partnerships. He backed early‐stage lithium plays, including Vulcan Energy (ASX: VUL), which went on to drill Europe’s first geothermal lithium well and he seeded uranium developer Aura Energy (ASX: AEE), now advancing projects in Africa and Australia.
John Hancock made a comment in the announcement: “Starting out as a Strategic Advisor to WCN with an initial invested stake, I have now become the Company’s largest shareholder and am pleased to see another well executed and strongly supported capital raise at a premium to the share price. The WCN focus has been on minimising existing shareholder dilution whilst attracting strategic investor capital to accelerate exploration and at the same time, securing the Company’s financial position for the longer term. There is now global investor interest in WCN’s prospects and I look forward to further upcoming drill results.”
Funding Allocation
Funds will accelerate drilling at the Rae Copper Project. Drilling restarts mid-July with both reverse circulation and diamond rigs. Moreover, aerial and downhole geophysics will refine targets across Rae. Visual results from Danvers holes 5, 6 and 7 were encouraging. Further assay updates are expected in the coming weeks.
Project Outlook
Troy Whittaker, Managing Director, said: “Following recent high-grade results, this upcoming drilling at Danvers will lay the foundation for a maiden exploration target at the project over the coming period. We are very excited about the potential to delineate a material resource around the immediate drilling area at Danvers and to potentially encompass additional deposits along the regional 7 km + strike.”
Bell Potter and Canaccord Genuity managed the offer. Settlement for flow-through shares occurs 23 May 2025. Placement settlement is set for 26 May 2025, with allotment on 27 May 2025.
The WCN ASX website is here.
