Timmins Nickel completes issue

Timmins Nickel (TSE) has raised gross proceeds of $5 million after completing and closing an issue of five million special warrants.

Each special warrant, priced at $1 each, entitles the holder to one common share of the junior nickel producer. Proceeds will be used for working capital and for development, acquisition and exploration expenses at the company’s nickel properties on the Shaw Dome. The dome, a geological structure about 20 km southeast of Timmins, Ont., hosts the Redstone and Langmuir mines.

Shares in Timmins Nickel have strengthened recently, reaching a high of $1.40 compared with a low of 42 cents for the year.