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- Widgie Nickel (WIN) raises $12 million through a placement to develop its Mt Edwards project in Western Australia
- Virtue Investments Corporation (VIC) is set to become a key shareholder of the company after subscribing for $7.6 million worth of shares to hold a 9.9 per cent stake
- 46.1 million shares will be issued at 26 cents each – equal to its last closing price
- WIN CEO and Managing Director, Steve Norregaard, says he is “delighted” with the new “highly credentialed investors” jumping on board
- At market close, WIN shares were trading steady at 26 cents
Mineral Exploration and development company, Widgie Nickel (WIN), has completed a $12 million placement.
Funds will be used for exploration, evaluation, ongoing project development expenditure and working capital at the Company’s Mt Edwards Project, near Kalgoorlie in Western Australia.
The placement will see 46.1 million shares issued at 26 cents each — equal to its last closing price.
WIN reported the placement received “strong support” with more demand than expected.
One of those supporters was Ascend Global Investment Fund SPC subsidiary, VIC, who will soon own a 9.9 per cent stake in WIN, after subscribing for around 29.5 million shares in the placement.
CEO and Managing Director, Steve Norregaard said he was “delighted with the support” from VIC, as well as other “highly credentialed investors.”
“We look forward to putting these funds to work with several exciting advancements in train including commercialisation of our nickel and recently discovered lithium endowment and ongoing exploration activities on our highly prospective Mt Edwards project tenure.”
At market close, WIN shares were trading steady at 26 cents.
