Adavale Resources: Closes $1.29M SPP -

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

Adavale Resources: Closes $1.29M SPP