Pioneer sources $1.1m for exploration

West Perth based Pioneer Nickel Ltd has raised over $1.1 million through a share placement in order to fund exploration programs over the next six months.

Exploration plans will begin at its 100 per cent owned Silver Swan and Mt Thirsty South projects, as well as the 51 per cent held Golden Ridge project.

Pioneer placed 13,000,000 ordinary shares at an issue price of 8.5 cents per share, with its largest shareholder, Jubilee Investments NL participating in the placement on a pro-rata basis, maintaining its 17.3 per cent interest in the company.