Premium Nickel Resources (TSXV: PNRL) has increased its non-brokered equity financing to C$27.5 million ($20 million) to support its projects in Botswana.
Originally announced on June 5 for C$15 million ($10.9 million), the financing was upsized due to strong interest from existing shareholders.
The initial offering included the private placement of approximately 19.2 million units, but the expanded offering now comprises about 35.3 million units.
Each unit is priced at C$0.78 and consists of one common share and one common share purchase warrant. Each warrant allows the holder to acquire an additional common share for C$1.10 within a 60-month period.
Premium Nickel Resources is focused on redeveloping two fully permitted nickel-copper-cobalt mines in Botswana: the Selebi mine, formerly owned by BCL, and the former Selkirk mine at Tati.
The Selebi mine, which opened in 1980, operated for 36 years producing nickel and copper until it was placed on care and maintenance in 2016. It features two shafts: the 1,140-meter Selebi shaft and the 970-meter Selebi North shaft. The Selebi North shaft was in production from 1990 to 2016, also yielding nickel and copper.
The Selkirk nickel-copper mine began production in 1989 and continued until 2002. The historic resource estimate for Selkirk is 165.3 million tonnes grading 0.28% nickel and 0.24% copper, using a cut-off grade of 0.15% nickel.
