Miner Mirabela Nickel today unveiled plans of raising funds worth $65.2 Million which will be used by the firm as a "working capital buffer". The firm has also confirmed that it has already managed to rise over 50% of these funds through floating of 16.4 million shares, priced at $2.30 each. The whole process raised $37.8 Million.

To raise the remaining funds, the top ranked miner has agreed to place 5.5 million special warrants, mainly in Canada and the US, "on a private placement basis to raise $C12.27 million". Subject to certain conditions, the warrants can be converted into ordinary shares on a 1-for-1 basis.

A further 2.1 million shares will be placed to director related entities of Lancaster Park (1.7 million) and 400,000 to Chairman Craig Burton. This placement will be subject to the shareholders' approval.

Via a share purchase plan, Mirabela will be looking at raising another $10 Million.