01/06/2007 - 12:59

Mirabela raises $20.7m for site capital

01/06/2007 - 12:59

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West Perth-based nickel explorer Mirabela Nickel Ltd has raised around $20.7 million through a placement to Companhia Vale do Rio Doce-Inco Ltd.

Mirabela raises $20.7m for site capital

West Perth-based nickel explorer Mirabela Nickel Ltd has raised around $20.7 million through a placement to Companhia Vale do Rio Doce-Inco Ltd.

The Brazil-focused company, which placed 3.4 million shares at C$5.30 through its Toronto Stock Exchange listing, is currently working to complete a bankable feasibility study at its Santa Rita deposit, and hopes to use the funds raised to finance capital costs at the site.

 

 

The full text of a company announcement is pasted below

Mirabela Nickel Limited ("Mirabela") (TSX: MNB, ASX: MBN) is pleased to announce that it has completed its previously announced private placement of 3,450,000 ordinary shares to CVRD Inco Limited at C$5.30 per share, for gross proceeds of C$18,285,000.

Mirabela is currently working to complete a bankable feasibility study for the development of an open pit mine at its Santa Rita deposit, located in Bahia State, Brazil. The mine is expected to have a four million tonne per annum throughput nickel sulphide flotation processing plant. Assuming the bankable feasibility study is positive, the proceeds of the private placement will be used to finance a portion of the capital costs of the Santa Rita project. The bankable feasibility study is expected to be completed within the coming weeks.

Mirabela is a mineral exploration company incorporated under the laws of Australia and listed on the Toronto Stock Exchange and the Australian Securities Exchange. Mirabela has a portfolio of prospective nickel and other base metal projects in Brazil. Additional information relating to Mirabela is available on the company's website.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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