Mincor in $9m raising

Mincor Resources will ramp-up its exploration activities at its Kambalda nickel project near Kalgoorlie after the company announced a $9 million capital raising.

The raising involves a $6 million share placement component and a $3 million share purchase plan.

The shares for both components will be sold at 32 cents each, representing a 14 per cent discount, and the company said it had received strong support from professional and sophisticated investors.

Managing director Peter Muccilli said the proceeds would be used at the Kambalda project.

“The funds will largely be used to accelerate nickel exploration, systematically progressing a suite of high-quality targets, at what we believe to be an appropriate time in the market cycle,” he said

“This allows us to get on with exploration immediately and start drilling early in 2018.

“With this equity raising, we are now in a position to take the first steps towards resurrecting our nickel mining operations, while continuing to progress development of our gold assets.”

Bell Potter Securities acted as the lead manager to the placement.