Widgie Nickel Limited (ASX: WIN) has announced the successful completion of a A$12M placement at A$0.26 per share. The company received strong support, with demand in excess of total funds sought under the placement.
Virtue Investments Corporation (VIC), a subsidiary of Ascend Global Investment Fund SPC (AGIF SPC), will subscribe for approximately 29.5M shares at A$0.26 per share under the placement. The placement price is equal to the last closing price, representing a 1.8% discount to the 5-day traded day VWAP, and a 6.9% discount to the 15 traded day VWAP of the company’s shares to 17 May 2023.
Widgie will issue a total of 46,153,847 new fully paid ordinary shares under its existing placement capacity.
The placement is expected to settle on 26 May 2023, with shares to be issued on 29 May 2023. Following settlement of the placement, VIC will hold a 9.9% interest in the company.
Funds raised from the placement will primarily be used to fund exploration, evaluation, ongoing project development expenditure, and working capital at the company’s Mt Edwards Project.
Managing director and CEO, Steve Norregaard said, “We are delighted with the support for the placement and the addition of a number of new highly credentialled investors, including VIC, to the register.”
“On behalf of the board of directors, I would like to welcome these new investors to the company and thank our existing investors for their ongoing support. We look forward to putting these funds to work with several exciting advancements in train including commercialization of our nickel and recently discovered lithium endowment, and ongoing exploration activities on our highly prospective Mt Edwards project tenure.”
To find out more, please visit www.widgienickel.com.au
