Canico raises additional funds for Onca-Puma

Canadian junior Canico Resource (TSX: CNI) has additional funds for the development of its Onca-Puma nickel laterite project in northern Brazil's Para state, the company said in a statement. Underwriters are exercising their right to buy a further 525,000 units of a previous transaction. The total distribution will increase from 8,500,000 units to 9,025,000 units at a price of Cdn$15 per unit, for gross proceeds of Cdn$135mn (US$103mn), it said. The closing is scheduled for December 17, 2003, Canico said. Net proceeds will go towards the exploration and development of the Onca-Puma project and for general corporate purposes, the miner said.