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Poseidon raises cash for nickel hunt

14th December 2020

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Nickel developer Poseidon Nickel will raise A$10-million through a share placement to accelerate exploration at its Black Swan operation, in Western Australia.


The company on Monday said that it had received commitments for the placement of 166.67-million new shares, priced at 6c each, with the price representing a 10.4% discount to the company’s last closing price.

“This placement will provide us with funds to accelerate our exploration activities at Black Swan and aggressively explore the Southern Terrace where we have recently discovered the high grade Golden Swan massive sulphide nickel mineralisation,” said Poseidon MD and CEO Peter Harold.

“Funds will be allocated to completing the Golden Swan drill drive, the Golden Swan resource drilling programme, further exploratory drilling and electro magnetic surveys within the Southern Terrace and resource to reserve conversion drilling of the Silver Swan resource.

“All of these activities are aimed at building a sufficient high-grade inventory at Black Swan to allow mining to recommence after a ten-year hiatus,” Harold said.

Edited by Creamer Media Reporter

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