Rusina raises $3.8m in placements

West Perth-based nickel company Rusina Mining NL has completed two placements, with UK-based European Nickel PLC and its Philippines-based partner DMCI Holdings Inc, raising around $3.8 million.

The full text of a Rusina announcement is pasted below

Please note that the Company has now completed the placements that were approved by Shareholders at a General Meeting of the Company on 17 July 2007.

A total of 5,882,352 ordinary shares have been placed with European Nickel PLC at a price of 17 pence (~ 40 cents) to fund Rusina's drilling program over the nickel saprolite mineralization at Acoje to prove the resource up to a JORC indicated resource standard. In addition a total of 5,882,352 options to acquire shares at a strike price of 21 pence (~ 50 cents) were issued for nil consideration.

A further 3,658,537 ordinary shares have been placed to Rusina's Philippine partner, DMCI Holdings Inc., at a price of US$0.328 (~ 40 cents) for general working capital purposes, together with 3,658,537 free attaching options to subscribe for shares at a price of US$0.41 (~ 50 cents).

The Company is continuing to work towards achieving all of its current work programs across its various Philippine projects.