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On Thursday 7 February 2019, the Australian Securities Exchange announced that the shares of the mining company White Cliff Minerals Limited (ASX:WCN) had been placed at a trading halt on the request of the company.
This trading halt was requested due to the release of a pending announcement relating to capital raising.
Recently, the company announced some fundamental corporate changes including the termination of the service agreement with Mr Michael Langoulant, effective 31 December 2018. It translates the resignation of Mr Langoulant from the role of Chief Financial Officer and Joint Company Secretary of White Cliff with immediate effect. And with the view to have significant remuneration saving, White Cliff has outsourced corporate CFO services.Â
Further, the company has laid off various administrative employees ahead of its cost reduction initiatives and is seeking negotiation with all of its service providers to reengage with them at better rates. White Cliff also plans to bring down its tenancy cost by approximately 50% per annum by relocating to smaller office premise around the Perth CBD area.
In aggregate, White Cliff reported that its Board has recognised savings of approximately $500,000 per annum by reducing its management and exploration team to the right size, and re-negotiating and rationalising several administration expenditures.
In the activity report, White Cliff announced that visible gold was identified in alluvial bulk sampling concentrates at Aucu gold project during the quarter ended 31 December 2018. It includes the discovery of visible gold in 62 samples out of total 65 samples collected in the bulk sampling program along the Chanach river alluvial terraces downstream Aucu Gold deposit.
The assay results from cobalt-nickel project, Coronation Dam, reportedly returned further broad and shallow intervals of nickel and cobalt mineralisation confirming the projectâs potential to host an economic resource. Also, the additional assays were collected by the company to better define the prospectivity of mineralized zones in that area. White Cliff intends to undertake its initial resource estimates for nickel-cobalt projects, Coronation Dam and the Ghan Well, only when all the assay results are received.
During the quarter, White Cliff also completed a 2:1 renounceable rights issue, partially underwritten, and subsequently repaid a $600,000 loan.
On the restructuring front, the company appointed Mr. Daniel Smith and Mr. Nicholas Ong as non-executive directors. Whereas, Executive Director Michael Langoulant, Chairman Jack Gardner, Â Non-executive director Rodd Boland and Company Secretary Ian Hobson resigned from White Cliff Minerals Limited.
The voluntary trading halt in WCN securities is expected to remain in place until the earlier of 11 February 2019 or the release of the pending announcement as stated above. The stock last traded at $0.016 with a market capitalization of $3.7 million. Over the past 12 months, WCN has fallen by 87.13% despite the positive price movement of 23.08% over the last month.
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