NickelX (ASX:NKL) raises $2M for Elliot Lake Uranium Project

Grafa2024-07-17

NickelX secured commitments to raise approximately $2 million through an equity placement to sophisticated and institutional investors.

The funds will support exploration at the Elliot Lake Uranium Project, working capital, and other objectives.

Managing Director Peter Woods expressed satisfaction with the strong demand, emphasising the company’s new focus on uranium, rare earth, and gold prospects, while assessing additional opportunities.

The capital raise will be completed in two tranches: Tranche 1 will issue 14,453,790 new fully paid ordinary shares under the existing placement capacity, and Tranche 2 will issue an additional 85,546,210 shares, pending shareholder approval in late August.

The first tranche of placement shares is expected to be issued on July 24.

The company also proposed a name change to Strata Minerals, pending shareholder approval, to better reflect its new strategic direction.

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