Australian nickel sulphide producer Mincor Resources (ASX:MCR) reports it has closed its Share Purchase Plan (SPP) early as it has now received applications exceeding the targeted raising amount of $5 million following early take-up from eligible shareholders.
The SPP opened on 21 December and was ‘strongly’ supported by eligible Mincor shareholders, and as a result it was decided to close the SPP early on 3 January. The SPP was initially slated to close on 20 January.
This ‘strongly’ supported SPP follows the completion of Mincor’s share placement, which raised $55 million, as announced by the company on 13 December.
This ‘strongly’ supported SPP follows the completion of Mincor’s share placement, which raised $55 million as announced by the company on 13 December
As previously announced, the capital raised will be used to accelerate access into Golden Mile, accelerate initial underground diamond drilling at Cassini, and to strengthen Mincor’s balance sheet for the remainder of the FY 2023 ramp-up year.
Mincor reports any further applications received after the closing date will not be accepted under the SPP and will be returned. The company’s directors have also resolved to accept the valid oversubscriptions received prior to the revised closing date with no scale back.
Further to this, Mincor reports the results of the SPP will be released following the completion of the final reconciliation by the company’s share registry, including the holder and custodian analysis.
Mincor expects to issue the new fully paid ordinary shares on 10 January and states they will be issued at a price of $1.39 each. This figure is in line with the same issue price paid by investors under the placement.
The Golden Mile Deposit is located within the company’s Northern Operations in Kambalda, Western Australia. At this deposit, the company defined a ‘high-grade’ indicated and inferred mineral resource of 576,000 tonnes at 3.9% nickel (Ni) for 22,600 tonnes.
The Cassini deposit is also located within the Kambalda Nickel Operations and hosts a current mineral resource of 1.47 million tonnes at 4% Ni for 58,200 tonnes of contained nickel.
Mincor Resources is an Australian producer of ‘clean’, ‘high-grade’ nickel sulphides for the green energy battery sector. The company operates the Kambalda Nickel Operations which comprises the Cassini Mine and the Northern Operations.
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