Poseidon Nickel: Raises $9m to progress Black Swan restart

Poseidon Nickel Raises $9m to progress Black Swan restart

• Poseidon Nickel (POS) looks to raise up to $9 million through a $6 million private placement and $3 million share purchase plan (SPP)
• The placement will issue 171.5 million shares at 3.5 cents a share, an 18.2 per cent discount to the five-day volume-weighted average price (VWAP) of 4.3 cents
• Funds raised will be used to restart the Black Swan project in Kalgoorlie and complete pre-production works, drilling and a feasibility study
• New shares under the placement are expected to settle on December 7 with allotment on December 8
• Shares in the company are down 12.2 per cent, trading at 3.6 cents at 2:55 pm AEDT