Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) has followed up a successful $6 million share placement to institutional investors with an offer of additional shares to existing shareholders through a share purchase plan (SPP), to raise up to $3 million before costs.
Eligible shareholders can subscribe for a minimum value of $2,000 worth of shares, up to a maximum of $30,000, at an issue price of $0.035, which is the same price offered to sophisticated and professional investors under the placement.
The offer is open to shareholders on record as of November 30, 2022, in Australia or New Zealand only.
Supporting nickel projects
Proceeds from the SPP and the placement will be used to:
- Fund infill reverse circulation (RC) drilling program from the bottom of the dewatered Black Swan open pit to convert the inferred resources to indicated.
- Commence a 15,000-metre RC drilling program at Lake Johnston in early 2023.
- Complete the Black Swan 2.2 million tonnes per annum rougher concentrate feasibility study.
- Review the exploration potential of Windarra.
- For general working capital.
The offer will close on December 19, 2022.