Deal to be managed by Bell Potter Securities Ltd. in two tranches
By Susanna Moon
Chicago, March 1 - Nimrodel Resources Ltd. said it will raise A$4.8 million through a private placement of shares, managed by Bell Potter Securities Ltd., in two tranches.
The company will place 120 million shares at A$0.04 per share, with 60.8 million shares in the first tranche and up to 59.2 million shares in the second tranche.
The price per share is a 20% discount to the company's A$0.05 closing share price on Feb. 29.
The second tranche requires shareholder approval at a meeting expected in early April.
Proceeds will be used to complete infill drilling and commence a pre-feasibility study on its Takatokwane coal project in Botswana. The funds will also allow Nimrodel to undertake a minor drilling program at the Specimen Reef project in Tasmania and first-pass exploration in Tanzania, as well as for general working capital.
"These funds will play a vital role in the development of our major project, Takatokwane in Botswana," the company's managing director Chris Mason said in a press release.
"Results of our scoping study are due in late March and the funds raised here will ensure that we are sufficiently funded through completion of an infill drilling program and the pursuant pre-feasibility study," he said.
Nimrodel is a resources and energy exploration company based in West Perth, Australia.
| Issuer: | Nimrodel Resources Ltd.
|
| Issue: | Shares
|
| Amount: | A$4.8 million
|
| Shares: | 120 million
|
| Price: | A$0.04
|
| Warrants: | No
|
| Pricing date: | March 1
|
| Manager: | Bell Potter Securities Ltd.
|
| Stock symbol: | Australia: NMR
|
| Stock price: | A$0.05 at close Feb. 29
|
| Market capitalization: | A$19.05 million
|
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