By Laura Lutz
Des Moines, Aug. 23 - Mirabela Nickel Ltd. has arranged a A$4.75 private placement of shares.
The company will sell 3.8 million shares at A$1.25 each. It has received subscriptions for 3 million shares, and one investor is obtaining approval to subscribe for 800,000 shares in the next few days.
This placement brings to 9.8 million, or 15% of the company's issued capital, the number of shares placed using the director's 15% capacity under the Australian Stock Exchange listing rules. Any further placements will require shareholder approval.
The proceeds will be used to order a grinding circuit and major infrastructure at the company's Santa Rita project.
Mirabela is a Brazil-focused base metals exploration company with headquarters in West Perth, Western Australia.
| Issuer: | Mirabela Nickel Ltd.
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| Issue: | Stock
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| Amount: | A$4.75 million
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| Shares: | 3.8 million
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| Price: | A$1.25
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| Warrants: | No
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| Pricing date: | Aug. 23
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| Stock symbol: | ASX: MBN
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| Stock price: | A$1.47 at close Aug. 23
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