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Western Areas $7m placement

JUNIO? nickel producer Western Areas has announced it has reached an in-principle agreement with Perth stockbroker Hartleys to raise over $7 million through the placement of 4.2 million shares at $1.68 a share to a small number of Australian and United Kingdom institutional investors.The company expects to receive the placement of funds by August 4, with a majority to be used for exploration activities at its Forrestania nickel project, the purchase of a sulphide flotation plant, a stage two feasibility study at Forrestania and to provide additional working capital

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