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Class 1 Nickel (OTCQB:NICLF) closed a non-brokered private placement, issuing 2,588,224 units at Cdn$0.124 each for Cdn$320,939 gross proceeds. Each unit includes one share and half a warrant, exercisable at $0.25 for three years.
The company also completed a share for debt deal, issuing 16,666,666 shares at Cdn$0.12 to settle Cdn$2,000,000 of debt, all acquired by CEO David Fitch. The transaction is a related party deal under MI 61-101, using available exemptions. All securities carry a hold period until October 12, 2026 and require final Canadian Securities Exchange approval.
Class 1 Nickel and Technologies Ltd (OTCQB:NICLF, CSE:NICO) proposes a non-brokered private placement of up to 2,419,354 Units at C$0.124 each to raise up to C$300,000, and a Share for Debt issuance of 16,666,666 Shares at a deemed C$0.12/share to settle C$2,000,000 of debt.
Insiders may participate in the Private Placement; Mr. David Fitch will receive all Shares under the Share for Debt Transaction. Transactions are subject to statutory hold periods and CSE approval. The company intends to use proceeds for general corporate purposes.