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White Rock Minerals Ltd (ASX:WRM) Placement to Fully Fund Expanded 2021 Exploration in Alaska
White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) is pleased to announce a proposed equity raising to raise a total of up to approximately A$8.8 million before costs, comprising a placement under which White Rock has successfully received commitments to issue 17,254,902 fully paid ordinary shares to various institutional and sophisticated investors at an issue price of A$0.51 per share (Placement). The Placement includes attaching 1 for 2 unlisted options, with an exercise price of A$0.77 and maturity of 36 months from the date of issue, subject to shareholder approval at the next general meeting of the Company.


- The funds from the Placement are to be used to fully fund the Company's expanded Alaskan exploration activities in 2021, including the operation of three diamond drill rigs, at the Company's large Last Chance Gold IRGS Prospect and its Red Mountain high-grade Silver-Zinc-Gold-Lead VMS Prospect, and for working capital.

- Issue price of A$0.51 (51 cents) per share represents a 14% discount to the 14-day volume weighted average price (VWAP) of White Rock shares. Subject to shareholder approval, the Placement also includes attaching 1 for 2 unlisted options with an exercise price of A$0.77 (77 cents) and maturity of 36 months from date of issue.

- There is notable participation from a range of significant domestic and international institutional and sophisticated investors.

The issue price under the Placement represents a 14% discount to the volume weighted average price of White Rock shares during the 14 trading days immediately prior to the date of this announcement.

The funds raised from the Placement will be applied towards White Rock's 2021 exploration program at its Last Chance Gold IRGS Prospect and its Red Mountain Silver-Zinc-Gold-Lead VMS Prospect in Alaska, in particular:

- 3 Drill Rigs planned for the full season, up from one rig in past drill seasons;
- Surface Reconnaissance and Geochemistry;
- Surface Geophysics;
- Airborne EM; and
- Working Capital.

Viriathus Capital Pty Ltd (Viriathus) and Sanlam Private Wealth Pty Ltd (Sanlam) are acting as Joint Lead Managers to the Placement.

White Rock's MD & CEO Matt Gill said: "The level of interest shown in this capital raising has been tremendous and I would like to think that goes to the great exploration opportunities we have before us in Alaska. This capital raising will allow White Rock to be fully funded right through the 2021 field season in Alaska, operating three diamond drill rigs, and also conducting airborne and on-ground geophysics. Further, we will also be able to get boots on the ground to continue generating targets at our new gold and VMS prospects for drill testing.

"Our three-pronged drilling plan is very exciting - we will be drilling to expand our existing high-grade silver-zinc VMS resource at Dry Creek, we will be doing deeper follow-up drilling at our large Last Chance gold anomaly, only discovered last year, and we plan to also drill test some new VMS prospects only announced in January this year.

"The speed with which we can identify, assess and drill at our project in Alaska is testament to the team that White Rock has assembled in-country, and the smooth and efficient approvals process that exists in Alaska.

"We have attracted some serious interest in the recently discovered Last Chance gold target and the ongoing silver-zinc VMS exploration story and this funding will allow us to fly airborne geophysics this month and be mapping, geochemical sampling and acquiring geophysics information from June onwards. The first drill rig is planned to commence drilling late-May with three drill rigs operating from mid-June.

"It is extremely pleasing to note that our major shareholder Crescat has agreed to support the capital raising by participating in the Placement to maintain their holding at ~10%.

"The Board is very appreciative of the strong support shown from our current shareholders, and welcomes the interest and support being shown from the new investors joining the White Rock journey through the Placement. This is an exciting time for White Rock and its shareholders".

Dr Quinton Hennigh, White Rock's Technical Adviser said "White Rock has a plethora of exploration opportunities across its contiguous Last Chance-Red Mountain project in central Alaska. The dual opportunity to explore an exciting new large orogenic/intrusion-related gold system and a potentially world class volcanogenic massive sulphide district at a time when all metals are heading into a resounding bull market puts White Rock in a league all by itself.

"I recently spent time with the Company's team reviewing drill plans for the upcoming 2021 exploration season, and it became clear that the large number of high-quality drill targets easily justifies adding a third drill. With three drills, White Rock can now follow-up and tackle: 1) numerous high priority gold targets at Last Chance, 2) tackle multiple new VMS targets, some of which were discussed in a recent news release, and 3) expansion drilling of apparent high-grade, wider extensions of the existing silver-rich zinc VMS deposit at Dry Creek.

"This capital raise underpins White Rock's ability to pursue this aggressive campaign. I cannot wait to see the 2021 program commence in June."

To view further details, please visit:

For further information, contact:
Matthew Gill or Shane Turner
Phone: +61-3-5331-4644

For Media and Broker queries:
Peta Baldwin
Phone: +61-455-081-008
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