Perth-based miner Mirabela Nickel is looking to raise around $A200 million through a global institutional share offer and smaller offers to directors and other shareholders.
The company revealed the plans in a statement to the ASX yesterday when it also asked for a trading halt to allow the raising to take place.
The company said in the statement that it is seeking to raise a minimum of US$135 million and a maximum of US$165 million.
"Subject to approval of Mirabela’s shareholders, the Company will also raise US$7 million through a placement of shares to certain directors of the Company and up to a further US$10 million from a share purchase plan."
The minimum, if all the money sought is raised, is $US152 million, the maximum is $US182 million (just on $A200 million).
The company said the money would be used in the following way:
US$38.1million towards pre-payment of principal amounts due during 2011 under Mirabela’s existing US$190m senior finance facility;
- US$15.0 million as an addition to Mirabela’s Contingent Support Account;
- US$40.0 million to fund the expansion of the plant at Santa Rita to above 7Mtpa, producing an estimated 23,000tpa – 25,000tpa of Nickel in concentrate (2010: 10,000t estimated);
- US$34.3million – US$81.3 million for general working capital to fund operations and to pursue growth; and
- US$7.6 million to pay the expenses of the Offer.
Mirabela says the Australian portion of the offer will include an unconditional placement of ordinary shares to settle on the ASX and a placement of shares requiring shareholder approval on the ASX.
In Canada, the offer will comprise the placement of ordinary shares and subscription receipts, each entitling the holder to one ordinary share.
Mirabela says the global offer price and the final offer size will be determined after conducting a single, global bookbuild.
Following the global offer, Mirabela says it will offer a non-underwritten share purchase plan (SPP) to eligible shareholders in Australia and New Zealand for up to $4,995 worth of Mirabela ordinary shares.
The SPP will be priced at the global offer price.
The ASX and Canadian offers are expected to close simultaneously on Friday, September 17.
Mirabela shares will remain in a trading halt on the ASX until the market opens today.
Mirabela shares closed at $1.84 on Tuesday.
