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Albidon raises $13 million

NICKEL explorer Albidon has agreed to raise $13 million through a placement pitched at 62 cents per share.The funds will be used to complete a feasibility study at the Munali nickel project in Zambia and to accelerate its drilling and exploration program. The feasibility study will consider developing a 500,000 to 750,000 tonne underground mine. The placement will be to institutional investors in the UK, Australia and Canada. African Lion 2 Limited, an African investment fund part owned by listed investment company AuSelect, has commit-ted to contribute $3.1 million to the placement.

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