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Moody's: Mirabela placement is positive
Moody's Investors Service said that Mirabela Nickel Ltd.'s announcement that it completed a strategic placement and institutional entitlement offer and expects to raise a total of $120 million following the completion of the retail component of the offer would likely change its outlook to stable from negative.
Moody's said it expects that successful settlement of the capital raising should assist to alleviate Mirabela's near term liquidity pressures while it works to improve costs and production levels at its Santa Rita Nickel Mine in Brazil.
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