Sirius Resources taps market for up to $40m
PUBLISHED: 0 HOUR 1 MINUTES AGO | UPDATE: 0 HOUR 1 MINUTES
Market darling Sirius Resources is raising up to $40 million in new equity as it tries to speed up development of its Nova nickel-copper deposit in Western Australia’s Great Southern region.
Sirius, whose share price has risen over 3000 per cent this year, entered a trading halt on Thursday ahead of a capital raising.
The raising is expected to be priced at around $2 a share with a termsheet distributed on Friday.
It is understood to be seeking enough capital to fund a bankable feasibility study on Nova as well as additional drilling in the region.
Perth broker Hartleys, which has an established relationship with the company, is handling the raising.
The stock last traded at $2.17.
th, cap. raising and short sellers, page-11
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