NSL raises A$10m for expansion
PERTH (miningweekly.com) – India-focused NSL Consolidated will raise A$10-million to expand production at its Kurnool wet beneficiation plant.
The company on Monday announced that more than 714.2-million shares will be issued at 1.4c each. More than 650.6-million of these shares would be placed under existing capacity, with the balance subject to shareholder approval.
NSL told shareholders that the funds received from the placement will be deployed directly towards the Phase 3 expansion of the Kurnool wet beneficiation plant, which is expected to cost some A$8.5-million to complete.
The Phase 3 expansion will increase production to around 400 000 t/y while delivering improved grades and yields. NSL was expecting to start commissioning of the Stage 3 expansion in the first half of 2019.
NSL has meanwhile also announced the proposed consolidation of its issued capital through the conversion of 15 existing shares into one share. The consolidation is aimed at ensuring the company’s capital structure reflected the growing institutional support and to assist in facilitating further institutional interest as NSL entered into its accelerated period of growth.
Following the completion of the capital raise, NSL will have more than 3.3-billion shares and 20-million unlisted option. At the close of the consolidation, the company’s shares would have been reduced to 225.8-million, and its number of options to 1.33-million.
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