Wyloo Metals has subscribed for A$8.3 million out of the Mincor Resource’s (“Mincor”) A$50 million Institutional Placement in line with its current shareholding of 13.8 per cent.
Proceeds from the placement will be used to fund early pre-production costs while maintaining strong momentum with resource growth and exploration programs. Together with existing cash and expected debt, the placement and share purchase plan (“SPP”) is expected to fully fund the Kambalda Nickel Restart Project into production while providing a prudent contingency buffer.
Mincor’s Managing Director, David Southam, said: “We are very pleased with the outcome of what has been a highly successful capital raising for the company. The strong appetite from institutional investors reflects the quality and grade of the company’s nickel sulphide assets, their location in a Tier-1 Australian mining district, and the exciting potential to continue to grow our resource and reserve inventory with ongoing exploration.
“The company will emerge from this with a substantially strengthened balance sheet, putting us in an enviable position as we finalise debt funding and move towards a potential final investment decision next quarter. We are also pleased to offer existing retail shareholders the opportunity to participate via the SPP, which opens early next month.”
Wyloo Metals is a company of Tattarang. It manages a diverse portfolio of wholly-owned exploration projects and cornerstone investments in both public and private companies.