Power Nickel Inc. (the “Company” or “Power Nickel”) (TSX-V:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) has closed the second tranche of its previously announced private placement in March I am pleased to announce the On March 13, 2023 (the “Offering”), the Company will raise his 5,170,000 Flow-Through Units (each, an “FT Unit”) at a price of $0.50 per FT Unit for a total of $2,585,000 CAD. The Company has been conditionally approved for private placement by the TSX Venture Exchange (“TSXV”).
Power Nickel CEO Terry Lynch said: “Once again, we benefit greatly from doing projects in Quebec, where very favorable incentives exist for critical minerals projects such as his NISK nickel sulfide project in Nemaska.” Lynch He further commented: This funding was focused on exploration and half dilution allowed him to double the funding going forward new things not being valued by market incentives could be in buildings for example He could raise as much as $200 million. $400 Million Nickel Mine. Significant steps remain before determining whether the mine is viable and the budget has not yet been enacted, but these will de-risk the project for investors and help the government We look forward to taking advantage of these incentives as we work to build the world’s first carbon-neutral nickel mine. “
The company expects to close the $706,000 balance of its announced $5,000,000 funding in early May.
“Federal and state budgets were overwhelmingly positive, particularly for power nickel and the critical minerals industry in general, but while investors in the flow-through sector analyzed alternative minimum tax changes, investors In general, they’re back, said Power Nickel CEO Terry Lynch.
Each FT Unit consists of one share of our common stock that qualifies as “flow-through stock” (each a “FT Share“) Income Tax Act (Canada) (“that is“), and one half of one transferable non-flow-through common stock purchase warrant (each in its entirety, “warrantEach stock acquisition right consists of one non-flow-through common stock (eachWarrant share“) with an exercise price of $0.50 per warrant share for five years from the date of issuance. All securities issued through private placements, including Brokered Warrants (described below), are subject to a statutory holding period of four months and one day. Warrants are subject to an accelerated clause that gives us the right to give notice (“acceleration notification“) We will notify holders that the warrants will expire 30 days after the date we provide the accelerated notice. Only if the closing price of our common stock on TSXV is $1.00 or more at $10, we will Accelerated notice can be provided.Accelerated notice can be provided at any time after the statutory hold period and prior to the expiration date of the warrant.
We will use the gross proceeds from the sale of FT shares for exploration activities at our NISK assets located in Quebec and, within the meaning of the ITA, to qualify for Federal Government 30% Critical entitlement. We plan to cover the exploration costs in Canada. Mineral Exploration Tax Credit.
The Company paid a finder fee of $140,100 in connection with the closing of the second tranche of the offering. The company issued his 310,200 broker warrants, allowing brokers to purchase his common stock for $0.50 until October 25, 2024.
Our directors and officers controlled company was the initial purchaser to the final purchaser of 630,000 shares of common stock and 315,000 warrants of the FT Units.
About Power Nickel
Power Nickel is a Canadian junior exploration company focused on promising copper, gold and battery metal prospects in Canada and Chile. On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of an option to acquire up to 80% of his Nisk project from Critical Elements Lithium Corp. (CRE: TSXV). bottom. NISK’s holdings consist of large land positions (20 km strike length) with a number of high intercepts. Power Nickel is focused on expanding its current high-grade nickel-copper PGE mineralized Ni 43-101 resource, testing Nisk’s first discovery zone and exploring land packages for adjacent potential nickel deposits We use a series of drilling programs designed to
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Recent analytical results from the current drilling program at the Nisk deposit continue to indicate high-grade Ni-Cu-Co sulfide and PGE mineralization.
Key results from this battery of assays include:
40.3m @ 0.88% Ni, 0.56% Cu, 0.06% Co, 1.64 ppm Pd and 0.15 ppm Pt (PN-22-009)
include:
25.86m @ 1.17% Ni, 0.80% Cu, 0.08% Co, 1.46 ppm Pd and 0.23 ppm Pt
Power Nickel announced that it has agreed to complete the acquisition of 100% of the Golden Ivan project in the heart of the Golden Triangle on June 8, 2021. The Golden Triangle reports Mineral Resources (past production and current resources) of 130 million ounces of gold, 800 million ounces of silver and 40 billion pounds of copper. (Resource World) The property has two known mineral displays (Gold Ore and Magee) and a portion of the historically producing Silverado Mine reportedly developed between 1921 and 1939 . Silver, lead, zinc, plus/minus gold, plus/minus copper.
Power Nickel is also 100% owner of five properties of over 50,000 acres strategically located in northern Chile’s rich iron oxide, copper and gold belt. It also owns his 3% NSR royalty interest in future production from the Copaquire copper-molybdenum deposit, which was sold to a subsidiary of Teck Resources Inc. – 1/3 of 3% NSR for $3 million at any time. Copaquire’s assets are adjacent to Teck’s production Quebrada Blanca copper mine in Chile’s first region.
For more information, please contact:
CEO Terry Lynch
647-448-8044, terry@powernickel.com
Power Nickel Co., Ltd.
Canadian Venture Building
82 Richmond Street East, Suite 202
Toronto, Ontario
Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements about our company that may be considered “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are not historical facts and are generally, but not always, “expects,” “plans,” “anticipates,” “believes,” “intends,” ”, a description identified by the word “predict”. , “could”, “indicate”, “opportunity”, “could” and similar expressions, or an event or condition “occur”, “would”, “could”, The expression “could” or “should occur”. Although we believe that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and are subject to risks and uncertainties. As a result, actual results or reality may differ materially from forward-looking statements. statement. Such significant risks and uncertainties include our ability to raise sufficient capital to fund planned activities at NISK Properties and for general working capital purposes. but not limited to: Timing of private placement closing proposals. Timing and cost of future activities on company property, including the preparation of revised technical reports. Maintain mineral ownership and concessions in good standing. changes in economic conditions or financial markets; Inherent hazards are associated with mineral exploration and mining operations. future prices of metals; changes in general economic conditions; accuracy of estimates of mineral resources and reserves; potential for new discoveries. Company’s ability to obtain necessary permits and consents for project survey, drilling and development and, if obtained, to obtain such permits and consents in a timely manner in relation to the Company’s plans and business objectives with respect to the Project; ability. A company’s general ability to monetize mineral resources. Changes in environmental and other laws or regulations that may affect our operations, compliance with environmental laws and regulations, reliance on key management and general competition in the mining industry. Forward-looking statements are based on our management’s reasonable beliefs, estimates and opinions as of the date the statements are made. Except as required by law, we undertake no obligation to update these forward-looking statements if management’s beliefs, estimates, opinions or other factors change.
sauce:Power Nickel Co., Ltd.
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