11/12/2012 - 15:00

Sirius raises $44m for Nova drilling

11/12/2012 - 15:00

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Sirius raises $44m for Nova drilling
Sirius Resources managing director Mark Bennett.

Sirius Resources has raised $44 million to advance drilling programmes and project studies at its Nova copper-nickel discovery near Norseman.

Sirius announced today it placed 22 million shares with institutional and sophisticated investor clients of stockbroker Hartleys, priced at $2.00 per share.

The company’s stock finished trade on the ASX  today up 1.8 per cent, trading at $2.21.

Sirius said the funds would be used to advance exploration at its Nova nickel-copper prospect to a JORC-compliant standard, as well as fast-tracking of drilling programmes across the company’s tenements.

The financing will also contribute to the completion of a definitive feasibility study for the Nova deposit.

Managing director Mark Bennett said five diamond drill rigs were currently on site drilling at the Nova discovery, as well as adjacent deposits.

“Sirius now has a very strong balance sheet and our team can now aggressively explore around the Nova nickel-copper deposit to add additional value without the overhang of financing risk,” Mr Bennet said in a statement.

“We are now fully funded for the entire resource definition and feasibility process through to a potential future project financing decision.”

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