- Pacific Nickel Mines (PNM) completes share purchase plan (SPP) raising an additional $340,500
- The SPP was initiated in November following a placement of 52.5 million shares at 10 cents each, raising $5.25 million
- The combined funds are set towards ongoing exploration and feasibility work at the company’s nickel projects in the Solomon Islands
- In particular, Pacific plans to focus on the Kolosori Nickel Project in the Solomon Islands, where an early works capital program is scheduled
- Shares have been trading 14 per cent higher at 9.4 cents
Pacific Nickel Mines (PNM) has raised an additional $340,500 after completing a share purchase plan.
At the end of October, the nickel explorer and developer offered 52.5 million fully paid ordinary shares at ten cents each through a placement that raised $5.25 million.
Following this, Pacific launched the share purchase plan to allow existing shareholders to participate in the capital raising on the same terms offered under the placement.
The issue price represented a 17.6 per cent discount to the five-day weighted average price up to and including November 1.
The combined funds are set towards ongoing exploration and feasibility work at the company’s nickel projects in the Solomon Islands.
In particular, Pacific plans to focus on the Kolosori Nickel Project in the Solomon Islands, where an early works capital program is scheduled.
The company holds 80 per cent of the advanced stage direct shipping ore nickel laterite project, with the remainder held by the traditional landowners of the area.
The remaining funds will go towards working capital and general corporate purposes.
At the end of trade, shares were trading 14 per cent higher at 9.4 cents.