Mentioned:
Some of the titans of Canadian mining have just led a massive new financing round for a publicly traded company with a copper and nickel project in Botswana. But, why?
What’s happening:
- Mineral exploration and development company Premium Resources (TSXV: PREM) has successfully completed a $46M CAD equity financing round
By the numbers:
- Premium Resources raised a total of $46M CAD in equity and also concurrently converted $20.8M CAD of pre-existing debt into equity
Why it matters:
- The new funding round for Premium Resources was led by legendary Canadian mining entrepreneurs Frank Giustra and Andy Bowering
Going deeper:
- Premium Resources owns the Selebi project in Botswana, which is one of the largest past producing copper and nickel mines in the history of Botswana
- Premium Resources also owns the Selkirk project located in Botswana, which contains a significant deposit of nickel, copper, cobalt and platinum group elements
The intrigue:
- The Selebi project was previously in full scale production for more than two decades and more than 13M tonnes of ore were extracted during that time, including approximately 100,000 tonnes of nickel and 90,000 tonnes of copper
