Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF) has placed more than 468 million shares to raise $1.4 million before costs in a non-renounceable entitlement offer to fund gold exploration at the Black Swan, Lake Johnston and Windarra projects in Western Australia.
The offer included one fully paid ordinary share for every three shares held at an issue price of $0.003, plus one free attaching option for every three new shares applied for.
The company’s board and CEO thanked shareholders for their ongoing support which will “drive the advancement of several highly prospective gold exploration targets at Black Swan, Lake Johnston and Windarra.”
Multiple gold targets across projects
POS has identified several areas prospective for gold mineralisation across its portfolio of projects in Western Australia.
Recently, the company generated rock chip samples of up to 1.25 g/t gold at the Black Swan project and soil samples at Lake Johnston confirmed the presence of a large copper-gold anomaly.
The company also identified gold anomalies at Windarra, with rock chip samples of 0.37 g/t gold as well as anomalous gold in soil sampling results.
“The recently reported gold anomalies at Windarra, the increased gold prospectivity at Black Swan and the growing copper-gold potential at Lake Johnston all offer exciting opportunities to carry out low-cost, high-reward exploration programs whilst maintaining our nickel resources and infrastructure options,” Poseidon Nickel CEO Brendan Shalders said.