Nordic Resources Secures AU$9 Million Through Institutional Placement; Shares Fall 9%

MT Newswires Live

Oct 22

Nordic Resources (ASX:NNL) secured strong institutional support, raising AU$8.5 million through the issue of 38.6 million new shares at AU$0.22 apiece, representing a 25% premium to the 30-day volume-weighted average price, according to a Wednesday filing with the Australian bourse.

The placement was led by the commodity-focused Paragon fund, alongside strong support from leading Australian resource funds, highlighting increased investor confidence in the company, the filing said.

The funds will support drilling and exploration at Kopsa, Kiimala, and Hirsikangas gold projects, metallurgical testing and pre-production development at Kopsa, and finalizing processing and engineering analysis for the Middle Ostrobothnia Gold Belt hub strategy, the filing added.

The company's shares fell past 9% in recent Wednesday trade.

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