SANTIAGO, Chile, Dec. 9, 2013 (GLOBE NEWSWIRE) -- White Mountain Titanium Corporation ("White Mountain" or the "Company") (OTCQB:WMTM) is pleased to announce that it has signed a Binding Memorandum of Understanding ("MOU") with a group of existing shareholders (the "Shareholder Group") to provide US$ 10 million in equity financing which the Company will use to complete the Environmental Impact Study ("EIS") and advance the Cerro Blanco project to Final Engineering Feasibility. The financing is comprised of two tranches: a US$2 million first tranche scheduled to close on or before December 13, 2013 and a US$ 8 million second tranche scheduled to close by the later of April 15, 2014 or within 30 days following completion of the EIS. The Company has received the first of two US$1 million instalments from the first tranche.
White Mountain Secures US$ 10 Million Financing From Existing Shareholders For Its Cerro Blanco Titanium Project
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