BCL bidder raises cash

North American Nickel, the major shareholder driving Premium Nickel Resources’ push to take over BCL Mine, recently raised P17.4 million in the market, part of which will go towards the Selebi-Phikwe project. In a recent statement, North American Nickel noted that the equity sale was oversubscribed indicating a high level of demand and interest from the market. North American Nickel had planned to raise CAD1.5 million (P13.1 million). Premium Nickel Resources, meanwhile, is ploughing ahead with its due diligence work at BCL Mine, to make the government an offer for the assets by August. The company, marshalled by former BCL Mine managing director, Montwedi Mphathi, recently signed a Memorandum of Understanding with BCL’s liquidator and will also part-finance the care and maintenance costs at the mothballed operations.