Mirabela raises $11m for Santa Rita

Mirabela Nickel has added a further $11 million to its war chest to provide additional working and development capital for its Santa Rita nickel project in Brazil.

The company said it placed 5 million shares priced at a discounted $2.15 each to institutional investors to raise $10.75 million.

Shares in Mirabela slipped eight cents to $2.32 at 10:56 AEST.

In March this year, the company raised nearly $180 million, which was a condition laid down by a consortium of banks that agreed to provide a $US190 million ($A248 million) debt facility.