Nickel-copper explorer Nickel X (ASX:NKL) has successfully wrapped up its $7 million IPO early and over-subscribed in a strong endorsement of the blue-sky potential at its flagship Biranup project in the Albany-Fraser Belt (AFB), Western Australia.
Nickel X, which expects to begin trading on the Australian Securities Exchange (ASX) this month under the ASX code ‘NKL’, received bids beyond the maximum $7 million subscription amount.
This is a tremendous result which provides a strong foundation for Nickel X as an exciting new nickel-copper-focused exploration company,” Nickel X Managing Director Mr Matt Gauci said.
The fact we closed the IPO early and heavily oversubscribed validates the significant potential of the Biranup project and the Albany-Fraser Belt for world-class nickel-copper discoveries.
“The board of Nickel X would like to thank investors and also the support of CPS Capital Group Pty Ltd as lead manager and their clients for their overwhelming support in this IPO.
Funds raised will be used to accelerate exploration activities at Biranup, which has received little in the way of historic drilling.
The project lies in the northern end of the AFB, 350km northeast of Kalgoorlie-Boulder and 225km east of Laverton and contains highly prospective Nova-type nickel-copper as well as Tropicana-type gold targets within the AFB.
Nickel X is targeting a staged exploration program over four high-priority targets (namely Fire Dragon, Silver Dragon, Black Dragon and Red Dragon) at the Biranup nickel project, which includes a combination of diamond drilling, reverse circulation drilling, geophysical data re-processing, ground moving loop EM surveys and additional drill target generation.
The southwestern project boundary is less than 10km from the globally significant Tropicana gold mine, which is a joint venture between AngloGold Ashanti Limited (70%) and IGO Limited (30%).