JOHANNESBURG (miningweekly.com) – Dual-listed Nyota Minerals has announced the conditional placing of 545.4-million new ordinary shares of 0.06p apiece to raise £300 000 for general working capital and to fund the exploration of its nickel and associated base and precious metals project, in the Piemonte region of Italy.
The funding would specifically be used to fund an airborne electromagnetic geophysical survey to trace any extensions to the mineralisation previously mined and identify conductors owing to new areas of sulphide mineralisation.
This was expected to establish the proof-of-concept for brownfield exploration.
Nyota said in a statement that the placing remained conditional on the passing of certain resolutions by the company's shareholders at a general meeting on July 9.