Details of Poseidon Nickel's completion of entitlement offer

Poseidon Nickel Limited (ASX:POS) has successfully completed a pro-rata non-renounceable entitlement offer, raising approximately $1.4 million before costs. The offer, announced on 1 August 2024, involved the issuance of one new fully paid ordinary share for every three shares held by eligible shareholders at an issue price of $0.003 per new share, along with one free-attaching option for every three new shares applied for. The company received valid applications for approximately 468,440,716 new shares under the entitlement offer, representing a total take-up rate of approximately 38%.

Executive commentary on the completion of entitlement offer

The Company's Board and CEO, Mr Brendan Shalders, express gratitude to shareholders for their ongoing support, acknowledging that the funds raised will drive the advancement of several highly prospective gold exploration targets at Black Swan, Lake Johnston, and Windarra. The Directors also reserve the right to place some or all of the remaining shortfall from the entitlement offer within three months of the closing date at a price not less than the issue price of $0.003 per new share.

Summary of Poseidon Nickel's completion of entitlement offer

Poseidon Nickel Limited (ASX:POS) has successfully completed a pro-rata non-renounceable entitlement offer, raising approximately $1.4 million before costs. The company plans to issue and allot the new shares and options under the entitlement offer on 3 September 2024, with normal trading on ASX of the new shares expected to commence on 4 September 2024. The funds raised will be utilized to advance highly prospective gold exploration targets at Black Swan, Lake Johnston, and Windarra. Additionally, the Directors reserve the right to place some or all of the remaining shortfall from the entitlement offer within three months of the closing date at a price not less than the issue price of $0.003 per new share.