NickelX Limited (ASX:NKL) has accepted binding commitments to raise a total of $2,050,000.
Placement participants will also receive 1 option for every 2 shares subscribed for under the Placement at an issue price of $0.005 per option, with an exercise price of $0.20 and expiry date of two years from the date of issue. The Placement options will be subject to shareholder approval.
Proceeds from the Placement will be used to accelerate the drilling of the Cosmos South Nickel Project and the exploration of the Dalwallinu Nickel Project, located in the world class Wiluna Green Stone Belt (WGB) and the emerging West Yilgarn Province, WA, respectively. The company is currently planning to complete a maiden 1,500m diamond drilling programme at the Cosmos South Project and has planned a geological and geophysical programme at the Dalwallinu Project.
Nickel X is embarking on two accelerated exploration programmes commencing with our Diamond Drilling Programme at Cosmos South and soon to be followed by our infill soil sampling and geophysical programmes at Dalwallinu,” Managing Director Matt Gauci said.
“The Company appreciates the contribution of CPS Capital and subscription by new and existing shareholders under the Placement and looks forward to an active December Quarter.”
