Money for Mincor as nickel arms race escalates – by Peter Ker (Australian Financial Review – September 7, 2021)

Money continues to pour in for early stage nickel stocks, with Australian upstart Mincor securing the sort of financial support rarely offered to pre-revenue companies at a time when Andrew Forrest and BHP continue to battle over a Canadian nickel explorer.

Tribeca Investment Partners is understood to be the unnamed “global resources fund” that acquired $30 million worth of Mincor stock prior to the nickel aspirant launching this week’s oversubscribed $60 million equity raising, which was further complemented by an unusually supportive $30 million debt arrangement from BNP Paribas.

Rather than the sort of “project finance” that ties a loan to an individual mine and is often secured over the built infrastructure at the project, BNP has given Mincor the sort of revolving credit facility more commonly given to established producers with proven revenue streams.

The $30 million revolving credit facility will be cheaper and more flexible than the project finance facility Mincor previously had with the same bank and could have terms lasting up to four years.

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