Weda Bay eyes $6m

A private placement is expected to raise enough funds for Weda Bay Minerals (WDA-T) to complete a feasibility study at its Halmahera nickel-cobalt laterite property in Indonesia.

Haywood Securities and Regent Mercantile will try to place 5 million Weda Bay units at $1.20 apiece. A unit consists of a share and half a warrant, with a full warrant entitling the holder to buy a share for 18 months after the deal closes, at $1.50.

All the shares will be subject to a 4-month holding period.

At last report, resources at Halmahera stood at 215 million dry tonnes grading 1.35% nickel and 0.11% cobalt. This includes material in all categories.