Mirabela Nickel Ltd
(ASX:MBN) says its institutional bookbuild to raise US$165 million has been priced at $1.60 per share.
The $1.60 share price represents an 8.9 per cent discount to the company’s five-day volume weighted average price on the Australian Securities Exchange.
The share placement has been launched to pay down debt, increase working capital and ramp-up operations at its Santa Rita project in Brazil.
Mirabela has received binding subscription agreements for US$7 million from Lancaster Park SA and executive chairman Craig Burton, subject to approval from shareholders.
Commitments for the conditional portion of the offer have also been received, for an extra 57.7 million shares to the value of US$84 million.
Mirabela also expects to raise an additional US$10 million share purchase plan.
Mirabela Nickel reported a loss of $19.277 million for the year to 30 June 2010.
