Mincor Resources has launched a 2-tranch $A60M capital raising to underpin capital development and accelerate exploration at its 100%-owned Kambalda nickel operations in Western Australia, where its Cassini Main resources have been lifted 16%.
The raising includes a fully underwritten, 2 tranche placement of new shares at $0.72cps for $50M, of which major shareholder IGO has committed $13M to take its company stake to 8%. In addition, a non-underwritten SPP is planned to raise up to $10M.
The deals will increase Mincor’s cash reserves to over $100M, allowing it to progress to a potential final investment decision for its Kambalda operations and fund a portion of the $97M project development costs, along with resource extension and exploration programs including Cassini Main and Cassini North.
The financials came with a 16% increase in the Cassini Main resource to 58,700t within 1.5Mt @ 4% Ni with the indicated resource increased by 7,300t Ni.