Nickel Mines Announced A$231 million Equity Raise To Increase Its Ownership in HNI and RNI

  • May 19, 2020 AEST
  • Team Kalkine

The Directors of Nickel Mines Limited (ASX:NIC) announced the company’s decision to grow its current 60% ownership interests in both the Hengjaya Nickel RKEF Project (HNI) as well as Ranger Nickel RKEF Project (RNI) to 80%. The Directors have come to this decision after consulting with NIC’s collaboration partner, Shanghai Decent Investment Group Co., Ltd and its associate.

Once the transaction gets completed, NIC’s attributable share of nickel production will increase from ~26,000 tonnes per annum to ~35,000 tonnes per annum.

To fund the consideration payable to Shanghai Decent related to the Transaction, the company announced that it would undertake A$231 million fully underwritten, accelerated pro-rata non-renounceable entitlement offer.


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