- Poseidon Nickel (POS) has received firm commitments from investors to raise $10 million for exploration at its Black Swan Nickel Project in WA
- The company will issue over 166 million shares at 6 cents each, a 10.4 per cent discount of its last closing price
- Funds raised will be spent on exploring the Golden Swan discovery and finding more nickel in the Southern Terrace of Black Swan
- On the market today, Poseidon is in the grey and trading for 6.7 cents per share
Poseidon Nickel (POS) to raise $10 million for exploration at its Black Swan Nickel Project in Western Australia.
The company is on track in raising the money it wants after receiving firm commitments from new and existing investors.
Poseidon will issues over 166 million new shares at 6 cents each, representing a 10.4 per cent discount to its last closing price.
Funds raised will be spent on exploring the Golden Swan discovery and finding more high-grade massive sulphide nickel in the Southern Terrace of Black Swan.
In November, the company reported positive results at Golden Swan and believes obtaining sellable nickel concentrate from the area will be “relatively straightforward.”
Managing Director and CEO Peter Harold says this placement provides the company will enough money to speed up its exploration activities at Black Swan and explore the Southern Terrace.
“Funds will be allocated to completing the Golden Swan drill drive, the Golden Swan resource drilling program, further exploratory drilling and EM surveys within the Southern Terrace and Resource to Reserve conversion drilling of the Silver Swan Resource,” he said.
“All these activities are aimed at building a sufficient high-grade inventory at Black Swan to allow mining to recommence after a 10-year hiatus. We are very excited about the potential of the Southern Terrace and thank Morgans for their assistance with this placement,” he added.
Notably, Poseidon’s two major shareholders did not participate in the placement.
On the market today, Poseidon is in the grey and trading for 6.7 cents per share at 12:37 pm AEDT.