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Highlights

  • Nordic Resources completes a AU$3.5 million institutional placement, lifting total cash to approximately AU$6 million, pending shareholder approval.

  • Proceeds to fund exploration and development across three Finnish gold projects acquired from Northgold.

  • Powerhouse Ventures and other Australian institutional investors participated in the oversubscribed raise, conducted at a premium to the last closing price.

Finland-focused gold explorer Nordic Resources Limited (ASX:NNL) has successfully completed an AU$3.5 million institutional placement, adding to the company’s recent capital raising efforts and bringing its total cash balance to approximately AU$6 million, subject to shareholder approval and finalisation of the deal.

The funds will support the company’s near-term production strategy in Finland, where it is acquiring three advanced gold projects from Northgold. These projects, including the flagship Kopsa Gold-Copper Project, will be key to unlocking value across the company’s Finnish portfolio.

The Kopsa project hosts an estimated 23.2 million tonnes at 1.09 grams per tonne gold equivalent (AuEq) for a total of 814,800 ounces AuEq in near-surface resources, spanning measured, indicated, and inferred categories. All three projects are strategically located within trucking or rail distance of two existing processing mills, reducing future development timelines and capital intensity.

The placement, conducted at a premium to the last closing price, saw significant demand from institutional and professional investors, leading to a significant upsize. High-conviction investor Powerhouse Ventures (ASX:PVL) and related funds acted as cornerstone participants, alongside several other Australian institutional backers.

As part of the corporate developments, Mr Malcolm Norris will join Nordic’s Board as Non-executive Chairman. Additionally, three directors, including Mr Norris, have committed to participate in the placement.

The acquisition of the Finnish projects from Northgold received shareholder approval at Northgold’s Extraordinary General Meeting (EGM) on 22 May, with the transaction now only awaiting approval at NNL’s upcoming EGM.

NNL share price increased by 18.6% to 7 cents per share at the time of writing on 26 May 2025.