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[ferro-alloys.com]Mining billionaire Andrew Forrest will boost his stake in Poseidon Nickel and help fund the restart of its Silver Swan and Black Swan nickel mines 50km north-east of Kalgoorlie as part of a $75 million raising by the company.

The explorer this morning responded to a $67 million takeover offer from a US private equity firm by announcing its own recapitalisation plan backed by its major shareholder.

Texas-based Black Mountain Metals has withdrawn its cash offer for Poseidon in response to the news.

Poseidon said it had raised $5.8 million in a placement and would raise a further $68.8 million in a rights issue priced at 5¢, representing a premium to the company’s last traded price.

Shareholders will have the right to subscribe for up to 11 new shares for every 10 they hold.

Mr Forrest’s private company Squadron Resources took part in the placement, increasing its holding in Poseidon to 18 per cent.

Squadron will also sub-underwrite the entitlement offer, meaning Mr Forrest’s stake could increase further.

Poseidon directors have agreed to subscribe for about $2.2 million worth of new shares under the rights issue.

Chairman Chris Indermaur said funds raised in the placement and entitlement offer would enable the company to bring the Black Swan and Silver Swan mines and processing plant back into production.

Poseidon’s new managing director Rob Dennis said the company looked forward to putting investors’ money to work, targeting first production within 12 months.

“In addition, we plan to commence initial exploration in the prospective areas below the Black Swan Pit and at the Abi Rose prospect at Lake Johnston to guide the direction for the future extension of ore deposits,” he said.

The latest developments represent a sudden awakening for Poseidon, which has remained dormant in recent years because of soft nickel prices.

Black Mountain Metals last week offered 6¢-a-share for Poseidon but the target described its offer as informal and conditional.

Poseidon said it had decided to disclose the offer because it was in the advanced planning stages for its own significant equity raising.

WestBusiness understands Black Mountain, which is on the hunt for near term nickel producing assets in WA, has also been in talks with Panoramic Resources over its mothballed Lanfranchi mine and is also known to have run a ruler over greenfields nickel explorer St George Mining.

The company’s recent focus has been on its historic Black Swan and Silver Swan nickel mines, 50km north-east of Kalgoorlie.

Poseidon recently appointed former Independence Group chief operating officer Mr Dennis to drive a $57 million restart of the operations, based on a favourable feasibility study released last month.

Mr Dennis is the company’s first chief executive since David Singleton stepped down in January 2016, owing to a slump in the nickel price.

Prospects for nickel have improved in recent months, partly on the back of its use in the lithium-ion batteries that power electric vehicles.

The company’s Black Swan open pit and Silver Swan underground mine, which include a 2.2 million tonne per annum plant, are seen as a quick entry into a near-term producing nickel asset.

Black Swan is expected to produce 8000t of nickel a year over an initial three-year mine life. The company also owns the 1.5Mtpa Lake Johnston processing plant, 117km west of Norseman.

The company owns the historically infamous Windarra mine near Laverton, where a nickel discovery in 1969 sparked a buying frenzy in the former Adelaide-based Poseidon NL.

• [Editor:王可]