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Premium Nickel raises C$27.5m for Botswana projects amid strong investor interest

11th June 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Canadian mining company Premium Nickel Resources will raise C$27.5-million through an upsized private placement offer, the company announced on Monday.

This is an increase from the initial C$15-million offering, reflecting strong interest, primarily from existing shareholders, said the TSX-V-listed firm.

The offering, priced at C$0.78 per unit, will close in two tranches. The first tranche, bringing in aggregate gross proceeds of C$15-million, is set to close on June 14. The final tranche, accounting for the remaining units, will close on June 21.

Proceeds from this offering will be directed towards the exploration and development of Premium Nickel's mineral assets in Botswana. This includes the redevelopment of previously producing nickel, copper, and cobalt mines, specifically the former BCL Selebi mine, now known as the Tsholofelo project, and the former Tati Nickel Mining Company’s Selkirk mine.

Premium Nickel's focus is on modernising these sites to extract and produce two separate commercial concentrates of nickel and copper. The company aims to leverage these resources to meet growing demand for critical minerals, driven by the global shift towards renewable energy and electric vehicles.

Edited by Creamer Media Reporter

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