Nickel Industries Limited (ASX: NIC) announced that it had signed an Electric Vehicle Battery Supply Chain Strategic Framework Contract with Shanghai Decent Investment Co., Ltd. It has also entered into binding agreements with Shanghai Decent to buy 10% interest in two producing nickel assets.
The company will buy a 10% stake in PT Huayue Nickel Cobalt from Newstride Development Limited for US$270 million. HNC is a high-pressure acid leach project in the Indonesia Morowali Industrial Park and also acquiring a 10% stake in the Oracle Nickel Project for US$75 million in cash.
To fund the acquired assets and acquired options, the company is undertaking a US$471 million capital raise, which comprises a US$185 million fully underwritten institutional placement and a US$270 million placement to Newstride, US$15 million placement to Shanghai Wanlu Investment Co. Ltd. and US$1.4 million placement to Non-Executive Director Mark Lochtenberg on a non-underwritten basis.
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