AusNiCo (ASX: ANW) is a Queensland based minerals exploration company focused on the discovery and economic development of large scale nickel projects.
AusNiCo has discovered significant new ore-grade nickel-cobalt sulphides and copper-gold mineralisation zones at the Pembroke prospect on the Black Snake Plateau, 30km south of Kilkivan in Southeast Queensland.
AusNiCo to raise $1.4m for exploration
AusNiCo (ASX: ANW) plans to raise $1,400,000 via a private placement to professional and sophisticated investors of $800,000 and an underwritten Share Purchase Plan to raise $600,000.
The placement has been closed with firm commitments for 16,000,000 shares issued at $0.05 per share.
A SPP will offer shareholders an opportunity to acquire shares up to $15,000 worth of shares. The SPP has been underwritten by BCP to $600,000.
Funds raises will fund the company’s further exploration and development of its suite of tenements in Queensland and New South Wales (prospective for Nickel, Copper, Silver and Gold) and to provide working capital for the Company’s operations.
Exploration activities for the next 12 months will focus on:
- Drilling sulphide targets at Mt Cobalt, The Peak, Mt Clara;
- Drilling East Kilkivan gold target;
- Define drill targets at the major exploration regions of Marlborough, Koonenberry; and
- Regional advancement at Kandanga, Mt Slopea
AusNiCo’s chairman Brian Moller said, “We are very pleased with the strong support for the share placement by our existing shareholders, as well as new investors.
“Since the IPO in October 2010, AusNiCo has undertaken geophysical techniques and identified disseminated sulphides in the Black Snake Plateau Region, identified a new, previously unknown gold target at East Kilkivan, confirmed low arsenic in nickel concentrate and nickel sulphide flotation recovery works.”
