NickelX (ASX:NKL) secured firm commitments from institutional, sophisticated, and professional investors to raise AU$2 million, before costs, the miner said in a Wednesday filing with the Australian bourse.
The company will issue 100 million new fully paid ordinary shares at AU$0.02 apiece under the capital raise, the filing said.
Proceeds from the placement will be used for exploration activities at the Elliot Lake uranium project in Canada, as well as for working capital and other objectives, it said.
Shares of NickelX rose more than 4% in recent trade.
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