Poseidon raises $2m, in talks for more

Explorer Poseidon Nickel says it is in negotiations with parties in Asia and the US regarding further substantial funding after it today received commitments to raise up to $2 million.

The Andrew Forrest-chaired company today said it plans to issue 8 million shares at 25 cents each, with the raising within the company's 15 per cent placement capacity.

The shares will be issued to professional and sophisticated investors.

"This limited interim raising will be utilised by the company to continue evaluation of its current projects and to provide working capital," Poseidon said in a statement.

"Poseidon is in negotiation with other interested parties in the US and Asia relating to further substantial funding.

"However, the negotiations on the terms of the proposed funding facility are preliminary and incomplete."

Shares in Poseidon dropped one cent to 26.5c at 11:50 AEDT.