Nickel Industries, an Australian company which acquires, explores, and develops nickel projects, announced its intention to secure 943 million Australian dollars ($628 million) in funding through a 19.99 percent (%) conditional share placement to United Tractors. United Tractors, an Indonesian investment holding company focused on mining and mining services, will acquire the shares through its subsidiary, PT Danusa Tambang Nusantara. The proposed placement price of $0.75 per share offers a significant 27.2% premium compared to Nickel Industries' last traded share price. The raised funds will be allocated towards the advancement of Nickel Industries' ENC project.
In summary, Nickel Industries aims to secure $628 million in funding through a 19.99% conditional share placement to Indonesian conglomerate United Tractors, via its subsidiary PT Danusa Tambang Nusantara. United Tractors, known for its interests in mining and mining services, will acquire the shares at a price of $0.75 per share, representing a premium of 27.2% over Nickel Industries' recent trading price. The funding will be utilized to support the development of Nickel Industries' ENC project.