Sirius Resources (ASX:SIR) owns the globally significant Nova Nickel Project, and is heading to market with a capital raising.
The ASX has granted the company a trading halt, with its shares placed in pre-open.
Shares in Sirius have doubled since the start of 2014, with the company taking the opportunity to raise additional funds.
The company had A$58.7 million in net cash at the end of June 2014.
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.
The halt will remain in place until the opening of trade on Friday 25th July 2015, or earlier if an announcement is made to the market.
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