White Rock Minerals' oversubscribed A$8.8 million placement fully funds expanded 2021 Alaskan exploration

White Rock Minerals Ltd (ASX:WRM) (OTCMKTS:WRMCF) has pressed the start button to expand 2021 exploration plans at its Alaskan projects after receiving firm commitments for a heavily oversubscribed placement raising A$8.8 million. Interest in the capital raise was very high, with over-subscriptions reached within four hours of going live and support shown from domestic and international (USA, Hong Kong and Switzerland) investors. Funds boost will secure extra rigs White Rock is now fully funded for an expanded Alaskan exploration program in 2021, operating up to three diamond drill rigs. This will be the company's fourth field season in Alaska, where previously, it had operated just one drill rig. There was cash on hand to begin the 2021 exploration plan and this extra funding will secure three drill rigs right through the season. Use of funds The funds will be applied towards the company’s exploration program at its Last Chance Gold IRGS Prospect and its Red Mountain Silver-Zinc-Gold-Lead VMS Prospect in Alaska and will include: Three 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.  “Boots on the ground”  White Rock managing director and 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.  “Three-pronged drilling program”  White Rock will now focus on three genuine exploration targets: Follow-up drilling at the large Last Chance gold anomaly; Drill some recently discovered outcropping VMS, just north of Last Chance. This VMS area has never been drilled before; and Return to the high-grade silver-zinc Dry Creek VMS deposit to test below 200 metres and along its 1-kilometre length. Gill said: “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.”  Drilling to commence late-May The company has secured the three drills, a 20-person camp, a 30-person camp, two choppers and assembled a strong team in-country and Gill said: “All systems are go.  “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.”  “Exciting time for White Rock”  This will be the company's most aggressive exploration program in its history and Gill said it was pleasing that major shareholder Crescat has agreed to support the capital raising by participating in the placement to maintain their holding at around 10%.  He said: “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.”  Placement details The company will issue 17,254,902 fully paid ordinary shares to various institutional and sophisticated investors at an issue price of A$0.51 per share. This 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 issue price 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.