Heron makes placement to Inco

HERON Resources has completed an excluded placement of 16.5 million fully paid ordinary shares to Canadian-based Inco - its Kalgoorlie nickel project joint venture partner. According to Heron, the placement at 75 cents per share to raise $12.38 million, cements its partnership with Inco. It also results in the Canadian nickel giant becoming a substantial shareholder in the WA company, with 10.5 per cent of the expanded capital base. Heron has projected the Kalgoorlie nickel project to cost approximately $1.4 billion to develop.