Nico Resources Limited (ASX: NC1) has announced the successful completion of a heavily oversubscribed capital raising, securing $3.73 million (before costs) through a placement to professional and institutional investors. Nico Resources is an Australian company focused on the development of the Wingellina nickel cobalt project in Western Australia. The placement involved the issue of 12.4 million fully paid ordinary shares at a price of $0.30 per share.
The company intends to use the proceeds from the placement to advance exploration and development activities at the Wingellina Project, including the commencement of an infill drilling program. A portion of the funds will also be allocated to cover working capital requirements and the costs associated with the offer. The placement was structured as a single tranche, utilising the company’s existing placement capacity in accordance with ASX Listing Rule 7.1A.
The issue price of $0.30 per share represents a 9.1% discount to the most recent closing price of 33 cents on 15th January and a 7.5% premium to the 5-day VWAP of 27.9 cents. Settlement of the placement is anticipated to occur around 27 January 2026, with the new shares ranking equally with existing fully paid ordinary shares.
Managing Director Jonathan Shellabear expressed strong confidence in the Wingellina Project. He highlighted the depth of support from institutional markets as a validation of the project’s inherent value and its status as a premier undeveloped nickel asset. Alpine Capital Pty Ltd acted as the Lead Manager for the placement, receiving a fee of 6% of the amount raised. An Appendix 2A and cleansing notice will be released to the ASX in due course.
