MIRABELA Nickel plans to tap the equity market again to help pay for cost overruns at its Santa Rita nickel project in Brazil.
The nickel hopeful has filed a preliminary prospectus with the Toronto Stock Exchange for a proposed overnight share offering, details of which are yet to be determined.
Concurrently with the offering, Mirabela has proposed to complete a private placement of up to 21.5 million shares outside of Canada, principally in Australia.
Mirabela said funds would go towards cost overruns at Santa Rita, which have reached $US28.1 million, or around 6 per cent of the original capital cost estimate of $US434 million ($A528 million).
Funds will also be applied to optional capital items of $US5.8 million to enhance the operation, pre-production costs of $US5.3 million and the recovery of a foreign exchange loss of $US5.3 million.
The share offering is scheduled to close around August 13.
Mirabela has so far raised more than $190 million in fresh equity from investors and has been loaned $US190 million by a consortium of banks.