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The company issued 384 091 408 ordinary shares to employees and creditors who elected to accept shares in lieu of monetary payment for their dues.
Other workers and creditors declined the share offer and settled for a deferred payment plan which will see the company paying out $10,5 million as its financial position improves.
“With the restart programme under way, the board is confident that the company will now be able to meet these obligations as they fall due,” BNC said in a notice to shareholders.
Workers at the company were owed huge amounts of money after going for years without receiving their salaries.
BNC recently undertook a rights offer to raise $21 million to restart operations at Trojan Mine which has been under care and maintenance since 2008.
About 10 percent of the shareholders followed through the offer and the balance was taken by the underwriter, a subsidiary of Mwana Africa Corporation.
The mining conglomerate listed on the London Alternative Investment Market controlled 52 percent of BNC before the rights offer and private placement.
Acceptance of shares by workers and creditors was one of the conditions put by Mwana Africa to agree to underwrite the rights offer.
Trojan Mine, one of the largest nickel mines in Africa, requires at least $33 million to operate at full capacity.
Cash raised from the rights offer is expected to provide sufficient capital to restart operations and next year, a further $12 million will be needed to turn the mine into a cash flow positive position.
The closure of BNC also affected operations at Shangani Mine in Matabeleland South which was also placed under care and maintenance after suspending mining operations.
Bongani Ndlovu
Online Reporter