Premium Nickel Resources intends to raise C$27.5 million ($20 million) through an expanded private placement offer to finance the exploration and development of its mining properties in Botswana.
The rebuilding of the former BCL Selebi mine, which is now referred to as the Tsholofelo project, and the former Selkirk mine of the Tati Nickel Mining Company, which was formerly producing nickel, copper, and cobalt, will be a component of the project.
The TSX-V-listed company said the latest offering was a significant increase over the initial C$ 15 million ($10.9 million) sale, which was mostly driven by existing shareholders.
The offering will be closed in two tranches for C$0.78 (US57 cents) per unit.
The initial tranche, which is expected to generate an aggregate gross proceeds of C$15 million ($10.9 million), is scheduled to conclude on June 14, while the subsequent tranche is scheduled to conclude on June 21.
Premium Nickel's primary objective is to modernise its assets to extract and manufacture two distinct marketable concentrates of copper and nickel.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
