Western Areas NL
(ASX:WSA) has announced plans to raise $65 million to capture growth opportunities in the year ahead and repay a loan facility.
The nickel mining company will undertake a fully underwritten ordinary share placement to raise $50 million and a share purchase plan to raise a maximum of $15 million.
Western Areas says the raisings will provide balance sheet flexibility as it pursues potential expansion and development of its nickel projects.
Western Areas will also use proceeds to repay an ANZ Banking Group
(ASX:ANZ) loan facility which is currently drawn to $45 million.
Western Areas’ net profit dropped to $40 million in the 2012 financial year from $135 million the year before.
