Pacific Nickel raises cash for Kolosori
PERTH (miningweekly.com) – Junior Pacific Nickel will raise A$5.2-million in a share placement to advance the development of its Kolosori nickel project, in the Solomon Islands.
The ASX-listed company on Monday announced that it had successfully arranged for the placement of more than 75.3-million shares, at a price of 7c each. The issue price represents a 21.3% discount to the company’s last traded price on the ASX.
The shares will be placed in two tranches, with the first consisting of more than 71.4-million shares to be placed under the company’s existing placement capacity, while the second tranche of 3.9-million shares will be placed to company directors, subject to shareholder approval.
“The company is delighted with the outstanding response from investors to the capital raising and in particular the participation from existing shareholders and new institutional shareholders. These funds enable the company to complete the final feasibility study work and commence mine development at the company’s Kolosori project in the Solomon Islands in anticipation of production next year. Achieving production from the Kolosori project at the earliest opportunity is the company’s highest priority,” said CEO Geoff Hiller on Monday.
The company holds an 80% interest in Kolosori, where a mining lease was granted in September. Pacific Nickel is targeting the production of 1.3-million tonnes a year of high-grade saprolite and transition ore from the mine by the third quarter of next year. The project is expected to require a capital investment of $20-million.
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