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Nickelore plans switch to oil and gas sector

Nickelore Ltd. is looking to exit the mining sector with the pending acquisition of two oil projects in Texas and Oklahoma.

The company said Dec. 1 that it will change its name following the completion of acquisition, which is scheduled for March 14, 2018.

The company will also look to raise between A$4.2 million and A$4.5 million by issuing shares at 2 Australian cents per share, and consolidate its securities on a 1-for-6 basis.

Nickelore owns a 100% interest in the Canegrass nickel-cobalt project in Western Australia.