- Adavale Resources (ADD) has closed its share purchase plan (SPP) and raised $1.29 million
- The company also raised the $1.29 million through the issue of 43 million new shares at 3 cents each
- In particular, the company will fund exploration activities for nickel sulphide deposits in the Kagera Nickel Belt in Tanzania, East Africa
- The Kabanga Nickel Project hosts one of the world’s largest undeveloped nickel sulphide resource of 58 million tonnes at 2.62 per cent nickel
- Under the convertible note loan, shares converted at a 117 per cent increase which made the company debt-free
- Adavale has ended the day 3.13 per cent in the green with shares trading for 3.3 cents each in a $5.649 million market cap
