Poseidon Nickel Limited (ASX:POS) has completed a $30 million capital raising to strategic, professional and sophisticated investors at $0.18 per share.
The nickel miner says the funds will be focussed on completing the refurbishment activities at Mt Windarra, to commence works at Lake Johnston and to repay the Minderoo debt.
The company expects restart costs for Mt Windarra to be around $11 million and the concentrate produced will be purchased by Nickel West.
Upon completion of the purchase of the Lake Johnston project the company will finalise capital works which should cost less than $10 million.
Poseidon reported a net loss of $5.8 million in the 2014 financial year.
