White Mountain Completes $2.13 Million Financing and Advances Pilot Plant Program at the Cerro Blanco Project
White Mountain Titanium Corporation reports that it has completed a private placement financing and raised $2.13 million. The Company issued 2.84 million common shares at a price of $0.75 per share. Third party advisory fees related to the financing total $131,946.
The Company will use the funds for general treasury purposes, as well as advancing the Pilot Plant program at its Cerro Blanco titanium project.
“Proceeds from this financing will allow White Mountain to move the Cerro Blanco project forward,” said Michael Kurtanjek, the Company’s President and CEO. “Our immediate objectives are to finalise operational details in respect to the Pilot Plant program. I am also delighted that in this difficult market White Mountain continues to find support from investors who see the long-term potential of this unique project.”
The Company holds mining concessions on the Cerro Blanco property currently consisting of 33 registered mining exploitation concessions and five mining exploration concessions in the process of being constituted, over approximately 8,225 hectares located approximately 39 kilometers west of the City of Vallenar in the Atacama, or Region III, geographic region of northern Chile. The Company’s principal objectives are to advance the Cerro Blanco project towards a final engineering feasibility, and to secure off-take contracts for the planned rutile concentrate output. It would be the intention to sell the rutile concentrate to paint and pigment producers. Work also continues to investigate the commercial viability of producing a feldspar co-product. The feldspar could find applications in the glass and ceramics industries.