Western Mines Group has strengthened its balance sheet with a $2.74M capital raising, securing Lowell Resources Fund as a cornerstone backer as the company pushes ahead with exploration and development work at its flagship Mulga Tank nickel project in WA’s eastern Goldfields. The placement attracted strong support from investors and was led by the Melbourne-based fund manager which tipped in $2M and will emerge as Western Mines’ largest shareholder with a 10.6 per cent stake. One notable feature of the transaction is a $1M equity swap arrangement between the Western Mines and Lowell. As part of the deal, the ASX-listed nickel explorer will receive 499,002 Lowell Resources Fund units worth $1M, making it a top-10 holder in the listed investment company, while Lowell takes an equivalent parcel of Western Mines shares. Now, with Lowell’s endorsement and a fully funded work program squarely in sight, Western Mines has given itself plenty of firepower to keep unlocking the scale and potential of Mulga Tank.