- Adavale Resources (ADD) has closed its share purchase plan (SPP) and raised $1.29 million
- The company raised the $1.29 million through the issue of 43 million new shares at 3 cents each
- After strengthening its balance sheet and clearing its debt with a $1 million convertible note loan, Adavale will use the full $1.29 million for exploration activities and working capital
- In particular, the company will fund exploration activities for nickel sulphide deposits in the Kagera Nickel Belt in Tanzania
- Adavale has ended the day 3.13 per cent in the green with shares trading for 3.3 cents each
Adavale Resources (ADD) has closed its share purchase plan (SPP) and raised $1.29 million.
The company raised the $1.29 million through the issue of 43 million new shares at 3 cents each.
When combined with the recent $1 million convertible note loan and the accrued interest in a further 25,746,504 shares, Adavale can use the full $1.29 million for exploration activities and working capital.
In particular, the company will fund exploration activities for nickel sulphide deposits in the Kagera Nickel Belt in Tanzania, East Africa.
Adavale owns the Kabanga North and East tenements which cover 400 square kilometres and lie in north-western Tanzania, neighbouring the world-class Kabanga Nickel Project.
The Kabanga Nickel Project hosts one of the world’s largest undeveloped nickel sulphide resource of 58 million tonnes at 2.62 per cent nickel.
Under the convertible note loan, shares were converted at a 117 per cent increase which made the company debt-free.
Adavale has ended the day 3.13 per cent in the green with shares trading for 3.3 cents each in a $5.649 million market cap.