Nkwe raises $11m to settle IGC sale

West Perth-based Nkwe Platinum has raised $11 million that will settling the acquisition of International Goldfield's interest in a South African platinum project.

Nkwe today said it had placed shares, priced at 37.5 cents each, to institutional and sophisticated investors.

It will buy International Goldfield's 15 per cent stake in the Tubatse platinum project.

In June both companies called off a planned merger and instead agreed to settle the project stake acquisition through a staggered $60 million payment.

Shares in Nkwe shed 1.5 cents to 39c at 11:51 AEDT.