Thanks MiningNetnews
Sherlock Bay raises drilling funds
Michael Quinn
Tuesday, May 18, 2004
SHERLOCK Bay Nickel Corp is to raise $1.3 million in equity to fund drilling at its nickel project in Western Australia.
The company is to place 20 million shares at 6.5c with sophisticated investors, with stock trading at 8c this time last week.
Further results from drilling are expected in the next 1-2 weeks.
Sherlock Bay contains a resource of around 9 million tonnes grading 0.53% nickel and 0.10% copper.
A bankable feasibility is due to be completed this month.
Shares in the company closed down 0.3c at 7.4c.
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