White Rock Minerals Ltd.: Placement and Entitlement Offer to Raise up to $5.2 Million

Ballarat, Mar 21, 2018 - White Rock Minerals Limited (ASX:WRM) (White Rock) is pleased to announce an Equity Raising of up to $5.2 million through a Placement and Entitlement Offer.


Overview

- White Rock is pleased to announce an equity raising of up to $5.2 million (before costs) through a:

o Placement of fully paid ordinary shares and 1 for 2 unlisted options, the issue of options being subject to shareholder approval, to raise $1.6 million (Placement) and

o 1 for 3 partially underwritten pro-rata non-renounceable entitlement offer of fully paid ordinary shares (New Shares) and 1 for 2 unlisted options to existing eligible shareholders to raise up to $3.6 million (Entitlement Offer) (together the Equity Raising).

- Offer price of $0.01 (1 cent) per share represents a 33% discount to the last traded price of White Rock shares and a 25% discount to the 15 day and one-month VWAP.

DJ Carmichael Pty Limited is acting as the lead manager and underwriter to the Equity Raising (Lead Manager). The Lead Manager has received firm acceptances for the Placement and has underwritten the Entitlement Offer to $1.6 million.

Funds raised from the Equity Raising (after costs) will be used to fund White Rock's exploration activities at its globally significant high-grade zinc VMS Red Mountain Project in Alaska and for general working capital purposes.


MD & CEO Matt Gill said:

"This Equity Raising is a game-changer for White Rock. With this Equity Raising, White Rock will be able to get on the ground in Alaska this coming northern spring and conduct an aggressive exploration program on our globally significant, high-grade zinc VMS project at Red Mountain. We are very excited about the potential for this project, and the news flow that should come from a successful drilling campaign and a more regional geophysics and geochemistry program here.

Since acquiring the Red Mountain project in early 2016, we have expanded our strategic footprint 10-fold, to 143km2, and have also released a maiden Mineral Resource(see Note 1 below) that immediately placed the Red Mountain Project in the top quartile of undeveloped high-grade VMS (zinc, silver, gold) deposits globally(see Note 2 below). Importantly, the two deposits identified within the Company's extensive land holding immediately placed the Red Mountain zinc project as one of the highest grade and more significant deposits of any zinc company listed on the ASX and an important VMS asset within a global context(see Note 3 below).

Our drill program for the 2018 field season aims to further build on our geological knowledge of the mineralisation, increase confidence in the Resource base, expand the already globally significant Resources at the existing deposits and discover new deposits.

The Board is very appreciative of the strong support shown from current shareholders, and the interest and support being shown from the new investors now joining the White Rock journey through this Equity Raising. This is an exciting time for White Rock."


About the Placement

White Rock has successfully made a placement of new ordinary shares to certain institutional and wholesale investors at the issue price of A$0.01 (1 cent) per share to raise approximately A$1.6 million. It is expected that approximately 159,824,134 fully paid ordinary shares will be issued as part of the Placement. In addition, 1 for 2 unlisted options are expected to be issued, subject to shareholder approval, exercisable at $0.02 and expiring three years from the date of issue of the Placement shares.

Placement investors will be eligible to participate in the Entitlement Offer in respect of any shares issued to them under the Placement.


About the Entitlement Offer

The offer price for the Entitlement Offer is $0.01 (1 cent) per New Share (Offer Price). Under the Entitlement Offer, eligible shareholders will be able to subscribe for 1 New Share for every 3 existing fully paid ordinary shares held at 7.00 pm (Melbourne time) on 3 April 2018 (Record Date) at the Offer Price. In addition, 1 for 2 unlisted options will be issued, exercisable at $0.02 and expiring three years from the date of issue of the Placement shares.

DJ Carmichael Pty Limited has underwritten the Entitlement Offer to a total of $1,600,000. The Directors and Lead Manager have reserved the right to place any shortfall within 3 months of date of the Entitlement Offer.

Entitlements are non-renounceable and will not be tradeable on ASX or otherwise transferable. Shareholders who do not take up their entitlements will not receive any value in respect of those entitlements that they do not take up.

In addition to being able to apply for new shares under the Entitlement Offer, eligible shareholders will also have the ability to apply for additional new shares and 1 for 2 attaching options, in excess of their entitlement that are not subscribed for by other eligible shareholders under the Entitlement Offer at the Offer Price. Any additional subscriptions are subject to approval by the Board.

Eligible shareholders will shortly receive information including a personalised entitlement and acceptance form, which will provide further details on how to participate in the Entitlement Offer. A copy of the information will also be lodged with ASX. White Rock will also despatch a letter in relation to the Entitlement Offer to each holder of options. Those shareholders who White Rock determines to be ineligible shareholders will also be notified.

An investor presentation on the Equity Raising has been lodged with ASX today. The investor presentation contains important information, including a summary of key risks associated with an investment in White Rock.


Equity Raising Key Dates

Event: Announcement of the Equity Raising
Date: Wednesday 21 March 2018

Event: Lodgement of Entitlement Offer documents with ASX
Date: Monday 26 March 2018

Event: Shareholder notice despatched
Date: Tuesday 27 March 2018

Event: Issue and Allotment of Placement Shares
Date: Tuesday 27 March 2018

Event: Shares traded on an "ex" entitlement basis
Date: Thursday 29 March 2018

Event: Record Date for eligibility to participate in the Entitlement Offer
Date: 7.00 pm (Melbourne time) Tuesday 3 April 2018

Event: Despatch of Entitlement Offer documents and Entitlement and Acceptance Form to eligible shareholders
Date: Thursday 5 April 2018

Event: Entitlement Offer opens
Date: Thursday 5 April 2018

Event: Last date to extend the Closing Date for the Entitlement Offer
Date: Monday 16 April 2018

Event: Entitlement Offer closes
Date: 5.00 pm (Melbourne time) Thursday 19 April 2018

Event: New Shares quoted on deferred settlement basis
Date: Friday 20 April 2018

Event: Shortfall (if any) announced to ASX
Date: Monday 23 April 2018

Event: Issue of New Shares under the Entitlement Offer and despatch of Holding Statements
Date: Thursday 26 April 2018

Event: New Shares under Entitlement Offer commence trading on a normal settlement basis
Date: Friday 27 April 2018

All dates are indicative only and subject to change. All times and dates refer to times and dates in Melbourne, Australia. Subject to the requirements of the Corporations Act 2001 (Cth), the ASX Listing Rules and any other applicable laws, White Rock reserves the right to withdraw or vary the timetable without notice.


Notes:

1 Refer ASX Release dated 26 April 2017 "Maiden JORC Mineral Resource at Red Mountain zinc silver project".

2 Refer ASX Release dated 11 July 2017 "White Rock Minerals independent research report".

3 Refer ASX Release dated 26 September 2017 "White Rock Minerals independent research report".

The trading halt in the company's shares can now be lifted.


About White Rock Minerals Ltd

White Rock Minerals Ltd (ASX:WRM) is an Australian listed minerals exploration and development company with projects located in northern NSW (gold and silver) and central Alaska (zinc, silver, lead and gold). The White Rock vision is to explore and develop both precious and base metal projects.

White Rock's cornerstone asset is the Mt Carrington epithermal gold-silver project in northern NSW. The Mt Carrington project has great leverage to the Australian gold and silver prices with a positive scoping study providing a path towards feasibility studies and development in the near term.

White Rock is also exploring the Red Mountain project in Alaska. Red Mountain is a globally significant advanced VMS project with high grade zinc and silver in two deposits. White Rock is exploring for additional high grade deposits that will enhance the projects leverage to an upturn in the fortunes of zinc and silver.



Contact

White Rock Minerals Limited
Matt Gill (Managing Director & Chief Executive Officer)
Or Shane Turner (Company Secretary)
Phone: +61-3-5331-4644
Email: info@whiterockminerals.com.au
www.whiterockminerals.com.au