Sirius Resources bags A$83.5m, fast-tracking nickel exploration, acquisitions
(ASX: SIR) balance sheet will swell to over A$110 million in cash with
no debt, following an oversubscribed placement raising $83.5 million.
The placement to domestic and international institutional and sophisticated investors was priced at A$2.44 per share, a less than 5% discount to the 5 day volume weighted average price, and will see 34 million shares being issued.
With this war chest Sirius is well placed to potentially make a project acquisition.
The funding will also fast-track exploration at the Western Trend and other nickel targets, Fraser Range gold targets and Polar Bear.
Sirius said funds may also be for Nova-Bollinger project development costs.
A Scoping Study indicates Nova-Bollinger is a financially robust and technically low risk project:
- Initial 10 year mine life;
- Globally significant producer (28,000tpa nickel, 11,000tpa copper, 940tpa cobalt) which would be between the 10th and 14th largest in world;
- Cash costs in the lowest quartile of global nickel producers; and
- Initial life of mine net cash flow of A$2.8 billion forecast.
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