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Poseidon Nickel to reveal capital raising details

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Just last week Poseidon Nickel (ASX:POS) secured an off-take agreement with mining behemoth BHP Billiton (ASX:BHP), which followed on from the acquisitions of Black Swan and Lake Johnston from Norilsk. 

The supply of ore to be mined by Poseidon at Windarra will be hauled to Nickel West’s existing concentrator at Leinster for toll treatment into a smeltable grade concentrate.

Nickel West will purchase all of the concentrate produced.

Poseidon is in a position to have sufficient production capacity between its Mt Windarra and Cerberus ore bodies to deliver both to Nickel West and to Black Swan.

This provides a path to higher and faster earnings growth for the company.

Poseidon is now heading to market with a capital raising, and the ASX granted the company a trading halt this morning.

The halt will remain in place until the opening of trade on Friday 10th October 2014, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

Quick facts: Poseidon Nickel Ltd

Price: 0.035 AUD

ASX:POS
Market: ASX
Market Cap: $92.49 m
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