NSL Consolidated Ltd. is raising A$10 million to fund the phase-three expansion of its Kurnool wet beneficiation plant in India.

The expansion is scheduled for commissioning in the first half of 2019 and will allow the company to achieve a production rate of about 400,000 tonnes per annum from the iron ore plant.

According to a May 14 release, the expansion is estimated to cost A$8.5 million, which includes the cost of retrofitting components at the existing phase-two plant.

The company received firm commitments from institutional investors to place 714,285,714 shares at 1.4 Australian cents per share.

NSL also intends to consolidate its issued capital by converting 15 existing shares to 1 new share and plans to change the company name and ASX ticker. The company name will be determined over the coming weeks.

Additionally, NSL will issue A$500,000 of shares to settle a dispute with MG Partners II Ltd.