Private UK company Brazilian Nickel (BRN) has raised $27.57-million.
Of the overall amount, $25-million was invested by BRN’s funding partner, private company TechMet.
The funding will be used to advance the advanced-stage Piauí nickel project, in Brazil.
BRN will use the funds to accelerate the project’s development through the completion of a bankable feasibility study for the full scale project, as well as expanding its existing demonstration plant to provide early, small-scale production from the PNP 1000 project.
Meanwhile, TechMet chairperson and CEO Brian Menell and Magento Fundo De Investment Mulimercado Investimento No Exterior Crédito Privado's Flávio Guimarães will join the company's board as nonexecutive directors.
Moreover, Robert Jenkins will step down as a nonexecutive director, but will remain as an alternate director for John Croft.