A private placement is expected to raise enough funds for Weda Bay Minerals (WDA-T) to complete a feasibility study at its Halmahera nickel-cobalt property in Indonesia.
Subject to regulatory approval, Haywood Securities and Regent Mercantile will try to place 5 million Weda Bay units at $1.20 apiece. A unit consists of a share and half a warrant, with a full warrant entitling the holder to buy a share for 18 months after the deal closes, at $1.50.
All the shares will be subject to a four-month holding period.
At last report, resources at Halmahera stood at 215 million dry tonnes grading 1.35% nickel and 0.11% cobalt. This includes material in all categories.
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