- NickelX (NKL) accepts binding commitments to raise $2.05 million under a share placement
- The placement will more than 13.6 million new shares to shareholders at 15 cents each
- Participants will also receive one option for every two shares subscribed for, exercisable at 20 cents within two years
- NickelX will use the money for exploration activities at the Cosmos South and Dalwallinu nickel projects in Western Australia
- Shares in NickelX are down 9.09 per cent on the market and trading at 15 cents at market close
NickelX (NKL) has accepted binding commitments to raise $2.05 million under a share placement.
The money will be raised through the issue of 13,666,667 new shares to shareholders at 15 cents each.
Participants will also receive one option for every two shares subscribed for, exercisable at 20 cents within two years from issue.
Subject to shareholder approval, NickelX directors will invest $50,000 in the placement.
NickelX also intends to complete a loyalty option offer to existing shareholders who will be entitled to subscribe for one loyalty option for every two shares held at 0.5 cents.
These loyalty options are exercisable at 20 cents on or before two years from the issue date.
NickelX will use the money to accelerate drilling at the Cosmos South nickel project and exploration at the Dalwallinu nickel project, both of which lie in Western Australia.
The company is currently planning a 1500-metre diamond drilling program at Cosmos South and a geological and geophysical program is planned at Dalwallinu.
Shares in NickelX were down 9.09 per cent on the market and trading at 15 cents at market close.