Business
Class 1 Announces First Tranche Closing and Corporate Update
TORONTO, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO) ("Class 1" or the "Company") is pleased to announce the closing of t
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, Nov. 04, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Ltd. (CSE: NICO) (\"Class 1\" or the \"Company\") is pleased to announce the closing of the first tranche of its non-brokered private placement of: (i) flow-through units at an issue price of $0.80 per unit; and (ii) hard dollar units at an issue price of $0.70 per unit (collectively, the “Offering”). The Company raised $1,202,912 of hard dollar units in this tranche and anticipates closing on approximately $1,800,000 of flow-through units on the second tranche which is expected to close on November 11, 2020. Each flow-through unit will consist of one common share and one-half of one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.05. Each hard dollar unit will consist of one common share and one full common share purchase warrant exercisable for 36 months from the closing date with an exercise price of $1.00. David Fitch, a director of the Company, through DLFCMS Nominees Pty Ltd., a corporation which is beneficially owned by him, acquired 400,000 units for a purchase price of $280,000 pursuant to the Offering. Prior to the Offering, Mr. Fitch beneficially owned 33,671,330 common shares in the Company. As a result of the Offering, Mr. Fitch beneficially owns and controls 34,071,330 common shares of the Company representing approximately 33.65% of the issued and outstanding common shares on a non-diluted basis. Mr. Fitch has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. As a director of the Company, Mr. Fitch is considered a related person within the meaning of the Canadian Securities Exchange Policy 1 and his acquisition will be considered to be a related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a), 5.5(b) and 5.7(1)(a). All securities will be subject to a four-month hold period from the closing date and i...