19/03/2009 - 13:10

Mirabela clears hurdle for $182m raising

19/03/2009 - 13:10

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Mirabela Nickel has cleared one hurdle in its bid to raise some much needed funds, with a planned $182 million capital raising receiving shareholder approval today.

Mirabela Nickel has cleared one hurdle in its bid to raise some much needed funds, with a planned $182 million capital raising receiving shareholder approval today.

Earlier this week, Mirabela released its pricing structure to raise $C120 million ($A143 million) with Canadian investors, with shares priced at $C1 each.

The company has already raised $38.88 million with Australian investors through a share placement, with shares to be issued on a deferred basis after all conditions for the Canadian capital raising are met.

Today at a general meeting in Perth, shareholder passed the resolution to issue up to 120 million shares with 39 million shares in favour of the issue and 22.7 million against.

The capital raisings, together with a $US190 million debt facility, will go towards the development of the company's Santa Rita nickel project in Brazil and the repayment of debt.

The capital raisings are still subject to regulatory approvals and the execution of the debt facility.

Shares in Mirabela were down 12 cents to $1.39 at 15:15 AEDT.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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