Mincor Resources NL (ASX:MCR) is raising $35 million to increase nickel development and exploration momentum at Kambalda.
Existing strategic shareholders, Independence Group (ASX:IGO) and Squadron have already committed $2.0 million and $7.2 million respectively to the current $30 million raised through a placement.
The capital raising is being undertaken to fund early pre-production capital costs associated with Mincor’s Nickel Restart Strategy, with the proceeds allowing the company to commence early capital works at Cassini and Long-Durkin.
The proceeds will also assist in maintaining the current level of momentum with the company’s exploration and resource growth programs.
Shares in Mincor Resources NL (ASX:MCR) are trading 6.92 per cent lower at 60 cents.