Nimy to raise $1.21M to explore ‘newsy’ WA targets

Nimy Resources Ltd (ASX:NIM) is on-track to raise $1.21 million to boost its drilling campaign at multi-commodity targets in Western Australia through a Placement to a range of investors.

According to the Placement, 24.34 million shares will be issued to sophisticated, professional and otherwise exempt investors at a price of 5 cents per share, and Nimy has reported that ‘firm commitments’ of $1.217 million have been received for this, with company directors also participating.

The cash raised will mainly directed towards go into funding a cluster of exploration activities, including drilling and electromagnetic surveying at the Masson copper-nickel sulphide discovery, the Block 3 copper-gold-silver prospect and the Vera’s Gossan copper-nickel-cobalt-zinc prospect; as well as induced polarisation surveying at Block 3.

Last month, Nimy published a series of strong results from the Vera’s Gossan and Block 3 prospects – with three new anomalies found at the former, and sulphide targets extended at the latter.

Executive director Luke Hampson said the success of this placement reflected investor enthusiasm for this exploration.

“Nimy Resources is pleased to see the strong support from existing and new shareholders for this Placement as it demonstrates the confidence investors have in the Company’s ongoing exploration activities as it now progresses into the next stage of drilling in three targets across multiple commodities, most notably copper, nickel, cobalt and PGE’s,” he said.

“It truly is an exciting time for all shareholders.”

Nimy has been trading at 5.6 cents.