Apologies if this has already been posted ... this is an excerpt...

Apologies if this has already been posted ... this is an excerpt from a article pasted into the PDN thread ...


Poseidon boss David Singleton said improved nickel prices were bringing investors back to nickel, and the company could have raised much more over the weekend had it not been prevented by an internal raising cap.
‘‘We were very heavily over-subscribed and we probably would have done more but we have bumped up against our annual raising capacity that we have permission for from shareholders,’’ he said.
‘‘It is unfortunate because having had a few bad years where it was quite hard to raise money, to get to the point where we were so heavily over-subscribed that we could have raised a lot more but to not have the capacity to do it is a little bit frustrating.’’
Nickel prices have improved by more than 25 per cent since January on the back of an export ban imposed by the world’s biggest nickel producer, Indonesia.
Mr Singleton confirmed that Mr Forrest had not participated in the equity raising.
Mr Forrest started 2014 with 33 per cent of Poseidon shares, but according to Bloomberg he now holds just over 27 per cent.
‘‘He will be slightly diluted as a result of today,’’ said Mr Singleton.
Poseidon must pay about $9 million in debts to Mr Forrest by October 1, and Mr Singleton said the company was considering asking shareholders for permission to raise more money, or possibly taking on new debt, to pay back Mr Forrest.
Poseidon is also reviewing quicker and cheaper ways to get its Windarra nickel prospect into production.
The company halted work last year as low nickel prices bit hard, but the improved climate could see preparatory work on site recommence soon.
‘‘The key next step for us is to recommence operations on the ground at Mt Windarra which we bought to a halt in June last year as the nickel market was going strongly against us. We are able to restart now and that will start to open up some other options,’’ said Mr Singleton.