Proactive report

Poseidon Nickel (ASXOS) has received a huge vote of confidence in the company's operations by raising A$30 million at $0.18. The placement was oversubscribed, further highlighting investor demand to increase their stake and exposure to the company. The new funds will be used to complete the remaining refurbishment activities at Mt Windarra, to commence capital works at Lake Johnston, repay the Minderoo debt and for normal operating expenses. David Singleton, CEO, commented: “We have been delighted by the strong support from investors to provide the necessary funding for Poseidon to get ready for production. "We now have an enviable pipeline of projects, supported by a strong balance sheet with an emerging nickel market.” At Mt Windarra, Poseidon will prepare the mine for the recommencement of mining operations.