Nordic Nickel targeting $12m for Lapland-focused initial public offer

The rush of junior miners to the ASX continues with Nordic Nickel looking to raise up to $12m to target Lapland’s mineral riches (reports The Australian).

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The Perth-based outfit will be headed up by Todd Ross, former BNP Paribas managing director and head of Western Australia, along with resources veterans Marcello Cardaci and Robert Wrixon.

Nordic will be targeting nickel sulphide deposits in the Central Lapland Greenstone Belt where it has a 100 per cent interest in the Pulju Nickel Project and can earn up to 75 per cent in the Maaninkijoki 3 Project.

The company is billing its access to drilling rigs, apparently in “exceptionally high demand’’ in Finland, as a positive, with Nordic partnering with Kati Drilling for exclusive use of a new diamond rig for three years.

It also has Finnish geological consulting company Magnus Minerals on board as a major shareholder.

Nordic is aiming to raise $8m-$12m through the issue of shares at 25c apiece, and at the upper end would have a market value of $28.8m on listing.

Firm bids for shares are due by April 27 with Nordic aiming to list on the ASX on May 25.

Nordic is billing the company as an decarbonisation play, with nickel a key component of electric vehicle batteries.

It will go back over historic exploration at the Pulju Project, where there has been mostly shallow drilling to date, with no examination at depth or using modern geophysical techniques.

“The company intends to utilise modern exploration techniques on drill ready targets to expand known mineralisation and ultimately develop traceable, sustainably sourced, low carbon, high purity, class one nickel sulphides and other battery minerals,’’ the company says.

Taylor Collison and Vert Capital are joint lead managers to the offer.

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