Skye Resources (SKR-V) has closed a $32-million equity financing to fund drilling and a feasibility study on the Fenix nickel laterite project in the Lake Izabal region of Guatemala.
The share issue consists of 7.8 million units, each with a share and half a purchase warrant. They are priced at $4.10. The warrants are exercisable at $5.75 for two years.
Inco (N-T), which operated the project (then known as Exmibal) in the late 1970s, acquired half a million of the units in the financing. Inco transferred its 70% interest in the project to Skye for a 13.9% shareholding in the junior in December.
A 45,000-metre drill program is underway to upgrade inferred resources at the project, and a feasibility study on refurbishing and re-starting the existing ferronickel plant. Studies continue on an atmospheric-pressure acid leach process to treat limonitic material, which is not treatable in the ferronickel plant.
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