Mining All Stars back up to $20 Million Investment in Power Nickel
Power Nickel has announced a flow-through offering to raise up to $20 million through the issuance of 16 million flow-through units priced at $1.25 each. Each unit consists of one flow-through common share and half a share purchase warrant. This financing is backed by renowned mining investors, including Rob McEwen. The funds will be used for exploration activities at Power Nickel's Nisk property in Quebec and to qualify for the federal critical mineral exploration tax credit. The company expects to close the financing by the end of June, pending TSX Venture Exchange approval. Additionally, Power Nickel has closed a previous flow-through financing of $200,000, issuing 250,000 units at $0.80 each.
- Power Nickel plans to raise up to $20 million through a flow-through offering.
- Each unit priced at $1.25 includes one flow-through share and half a share purchase warrant.
- Financing backed by prominent mining investors like Rob McEwen.
- Funds will be used for exploration activities on the Nisk property in Quebec.
- Eligible for the federal 30% critical mineral exploration tax credit.
- Previous flow-through financing of $200,000 closed successfully.
- Units from the previous financing sold at $0.80 each.
- Hold period of four months and one day from issuance for all securities.
- The offering is subject to approval from the TSX Venture Exchange.
- All securities issued under the financing bear a hold period of four months and one day.
- The success of the offering depends on the company's ability to meet TSXV filing requirements.
- Back-end purchasers may acquire shares and warrants at a lower price of $0.66.
Industry legend Rob McEwen has joined with several other leading mining investors in providing the investor buyback of the proposed
"In life you are often judged by the company you keep, and, in this respect, we think every Power Nickel shareholder wins through this association with some of the most legendary and successful mining investors on the planet. Clearly, they are as excited about the potential for Nisk as we are, and this raise will allow us to really ramp up our exploration efforts over the next 12-18 months." commented CEO Terry Lynch.
The Company will be working with Wealth Creation Preservation & Donation Inc. ("WCPD") and IA Capital Markets on the financing. Back-end purchasers may acquire the underlying common shares and Warrants from the front-end buyers of the FT Units, at
The Company intends to use the gross proceeds from the sale of the FT Units for exploration activities on the Company's Nisk property located in
The Company expects to close the financing before the end of June. The offering is subject to the Company's receipt of TSX Venture Exchange ("TSXV") approval. All securities issued under the financing will be subject to a hold period of four months and one day from the date of issuance. The Company may pay finder's fees on the financing, as permitted by the policies of the TSXV and applicable securities laws.
Power Nickel is also pleased to announce it has closed its flow-through financing (previously announced on May 1, 2024) for gross proceeds of
The financing was completed with investors secured for Power Nickel by WCPD. All shares and warrants issued under the financing bear a hold period of four months and one day from the closing date. The private placement is subject to the Company's completion of its filing requirements with the TSXV and TSXV approval.
The gross proceeds of the financing will be used for exploration on the Company's Nisk project located in
Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nickel Nisk project into
On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to
The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper PGM mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.
In addition to the Nisk project, Power Nickel owns significant land packages in British
For further information, readers are encouraged to contact:
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This message contains certain statements that may be deemed "forward-looking statements" concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," "indicates," "opportunity," "possible" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others, the timing to close the financing of FT Units; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company's plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.
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SOURCE Power Nickel Inc.
FAQ
What is the new investment plan announced by Power Nickel?
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