Cassini raises cash for West Musgrave
PERTH (miningweekly.com) – Junior nickel hopeful Cassini Resources on Friday announced that it would raise some A$10-million through a share subscription to fund exploration work at its recently acquired West Musgrave project, in Western Australia.
The ASX-listed Cassini would issue some 55.56-million new shares, at 18c each to domestic and international institutional and sophisticated investors.
The share placement would fund resource definition in-fill drilling as well as metallurgical testing at West Musgrave, along with ongoing work at Cassini’s other project areas.
Cassini acquired the West Musgrave project from mining giant BHP Billiton earlier this month, for a cash payment of A$250 000, a 2% net smelter royalty on all the proceeds from future production and a A$10-million production milestone payment, due 12 months after first production.
Cassini MD Richard Bevan said on Friday that since acquiring the project, the company had been overwhelmed with a favourable response from investors.
“This response was clearly demonstrated in the strong demand we received for the placement. With our new assets and a strengthening nickel outlook, we are excited for the future of our company and expect to generate outstanding returns for our shareholders.”
The West Musgrave project includes the Nebo-Babel nickel/copper sulphide deposit that has a current inferred resource of 446-million tonnes, grading 0.33% nickel and 0.35% copper for 1.47-million tonnes of contained nickel and 1.56-million tonnes of contained copper.
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