Mirabela Nickel to raise $65m

Miner Mirabela Nickel has today unveiled plans for a $65.2 million capital raising which will be used as a working capital buffer.

The company today said it had already raised a more than half of those funds through a placement of 16.4 million shares at $2.30 each to institutional investors to raise $37.8 million. The placement was led by Macquarie Capital Advisers and Argonaut Securities.

Mirabela also agreed to place 5.5 million special warrants, principally in Canada and the US, on a private placement basis to raise $C12.27 million.

The warrants convert into ordinary shares on a one for one basis, subject to conditions.

The company will also place a further 2.1 million shares to director related entities, namely 1.7 million to Lancaster Park SA and 400,000 to chairman Craig Burton, subject to shareholder approval.

Mirabela plans to also raise a further $10 million through a share purchase plan.