Nickelore Limited (ASX:NIO) Raises A$.52 Million On Share Purchase Plan And Sale of Investments

Emerging nickel producer Nickelore Limited (ASX: NIO) is pleased to announce completion of the Share Purchase Plan, which raised a total of $0.25 million via the issue of 3,621,467 fully paid ordinary shares. In addition, the Company has raised a further $0.27 million from the sale of listed investments at a profit.

The Company previously announced in April 2008 the raising of up to $1 million, from the sale of the nickel rights in the Bardoc Project to Minara Resources Limited and the recent placement. These raisings are respectively subject to the terms of the sale agreement and any requisite shareholder approvals. The Company has announced total capital raisings of up to $1.52 million during the current quarter.

The Company will continue to seek to raise further funding for the Canegrass Nickel Cobalt Project through various routes including private placements with potential cornerstone investors and divestment of non-core assets.

About Nickelore Limited

Nickelore Limited is a Perth-based nickel company listed on Australian Securities Exchange (ASX Code: NIO). The Company’s primary focus is on exploring, realising and expanding the economic potential of the Canegrass, Mount Pleasant, Lake Marmion, Goongarrie East and Bardoc projects in Western Australia’s Eastern Goldfields. Nickelore acquired Mineral Rights to mine and extract 140,000 tonnes of nickel metal in laterite nickel products from the Canegrass Nickel Cobalt Project. The company has commenced a scoping study into a Heap Leach nickel extraction plant. Members of the Nickelore Board and management team have proven records in mineral exploration, project development and project financing.

 

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Nickelore Limited