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White Rock to raise A$5.2M for exploration at Red Mountain zinc project

White Rock Minerals Ltd. is targeting an equity raising of up to A$5.2 million via a placement and entitlement offer.

The money will be used to fund exploration at the company's Red Mountain zinc project in Alaska and for general working capital purposes, according to the March 21 release.

The company will issue 159,824,134 shares under the placement at 1 Australian cent per share to raise about A$1.6 million, with 1-for-2 options exercisable for three years at 2 cents apiece.

The entitlement offer will include subscription of 1 new share for every 3 shares held, with attaching 1-for-2 options, exercisable for three years at 2 cents apiece. This is expected to raise up to A$3.6 million.

The offer price of 1 cent represents a 33% discount to the company's share price. The lead manager, DJ Carmichael Pty. Ltd., has underwritten the entitlement offer to A$1.6 million.