Poseidon Nickel's Entitlement Offer Extension

Poseidon Nickel Limited (ASX: $POS) has extended the closing date for its non-renounceable entitlement offer to Tuesday 27 August 2024. The offer aims to raise up to $3,713,535 before costs, providing eligible shareholders the opportunity to subscribe for one share for every three shares held at an issue price of $0.003 per share, along with one free new option for every three shares applied for and issued.

Executive Commentary on Entitlement Offer Extension

The Company advises that the extension of the closing date for the entitlement offer is to allow extra time for eligible shareholders to take up their entitlements and to digest the recent announcement regarding the enhanced gold prospectivity at Black Swan and Lake Johnston. The Investor webinar scheduled for today at 10am WST will also provide additional information for shareholders. The proposed timetable for the entitlement offer is subject to change, and the Company may vary any of the dates without notice, in accordance with applicable laws.

Summary of Poseidon Nickel's Announcement

Poseidon Nickel Limited (ASX: $POS) has extended the closing date for its non-renounceable entitlement offer to provide eligible shareholders with more time to participate. The offer seeks to raise up to $3,713,535 before costs, offering eligible shareholders the opportunity to subscribe for one share for every three shares held at an issue price of $0.003 per share, along with one free new option for every three shares applied for and issued. The Company's strategy is focused on targeted exploration and business development to grow reserves and resources for the eventual restart of its processing operations in Western Australia. Poseidon's outlook includes the restart of the Black Swan project, subject to appropriate project financing structures, improvement in the nickel price, and obtaining necessary approvals.