GME raises cash for NiWest
PERTH (miningweekly.com) – ASX-listed GME Resources will raise A$4-million in a share placement to advance work at its NiWest nickel/cobalt project, in Western Australia.
The company on Wednesday said it had received firm commitments for the placement of 42.1-million shares, at a price of 9.5c each, representing a 14.7% discount to GME’s five-day volume weighted average share price.
The shares will be placed under GME’s existing capacity and will not require shareholder approval.
“The placement proceeds will be directed towards activities which we believe can add significant value for GME shareholders including the commencement of the NiWest definitive feasibility study (DFS) and accelerated negotiations towards a binding offtake agreement with Stellantis,” said GME MD Paul Kopejtka.
GME earlier this week signed a non-binding memorandum of understanding (MoU) with New York-listed Stellantis in relation to future offtake of battery grade nickel and cobalt sulphate from the NiWest operation.
“NiWest has many positive attributes including high nickel grades, a proven metallurgical pathway, a significant investment in development studies and, importantly, proximity to critical infrastructure. Following on from the recent signing of a non-binding MoU with Stellantis for the future offtake of battery-grade nickel and cobalt sulphate products from NiWest, we are entering a truly exciting phase for GME,” said Kopejtka.
NiWest is an advanced nickel/cobalt development project and will produce 90 000 t/y of battery grade nickel and cobalt sulphate. To date, more than A$30-million has been invested into drilling, metallurgical test work and development studies.
The DFS for NiWest is due to commence this month.
Comments
Research Reports
Projects
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
