Sirius Resources (ASX:SIR) has raised A$189 million in a heavily...

Sirius Resources (ASX:SIR) has raised A$189 million in a heavily oversubscribed placement for the Nova Nickel Project.

Around 49.5 million shares will be issued at A$3.82 per share, a 6.4% discount to the last closing price.

Sirius will now have A$246 million in cash and no debt, which importantly provides a significant portion of funding to develop the Nova Nickel Project.

The company said discussions with debt providers are progressing well.

Nova has compelling metrics including an estimated low C1 cash cost of A$1.66/lb* nickel (US$1.50*), which is in lowest quartile of global producers.

- Estimated all-in sustaining cash cost of A$2.32/lb* nickel (US$2.09*) substantially better than scoping study.

- Estimated capital cost of A$473 million is very similar to scoping study.

- Initial mine life 10 years + 2 years development, excluding exploration upside.