Poseidon Nickel has capital raising announcement pending

Poseidon Nickel Ltd (ASX:POS, OTC:PSDNF, FRA:NYG1) has been granted a trading halt by the ASX pending the release of an announcement about a proposed capital raising. The halt will remain in place until the start of regular trading on Monday, August 2, or until an announcement is released to the market, whichever occurs earliest. Shares last traded at A$0.135 while the company’s market cap is approximately A$379.3 million. Positive results The company has recently delivered another round of positive interpretations from the Golden Swan trend at the highly promising Black Swan Project in Western Australia. Further nickel sulphide intersections were observed from drilling within the Golden Swan trend including: A 4.2-metre nickel sulphide interval comprising 0.8 metres of massive sulphides and 3.4 metres of matrix and stringer sulphides. A 5.1-metre sulphide interval comprising 3 metres of massive and matrix sulphides followed by 2.1 metres of stringer and coarse blebby sulphides. Resource definition drilling Poseidon managing director and CEO Peter Harold said the latest results continued to build an enticing picture of the Golden Swan trend. He said: “Drilling continues on the resource definition program at Golden Swan with what looks to be another high-grade intersection achieved, assays pending.”