Business
Class 1 Nickel Completes C$1.2 Million Non-Brokered Financing
TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Limited. (CSE: NICO) ("Class 1" or the "Company") is pleased to announce the closing
About this update from Class 1 Nickel & Technologies Ltd.
[{"type":"text","content":" TORONTO, Nov. 16, 2020 (GLOBE NEWSWIRE) -- Class 1 Nickel and Technologies Limited. (CSE: NICO) (\"Class 1\" or the \"Company\") is pleased to announce the closing of its non-brokered private placement on Friday November 13 of: (i) flow-through units (“FT Units”) at an issue price of $0.80 per FT Unit; and (ii) hard dollar units (“HD Units”) at an issue price of $0.70 per HD Unit (collectively, the “Offering”). Under the Offering, Class 1 issued 2,318,750 FT Units for aggregate proceeds of $1,855,000 and 1,766,302 HD Units for aggregate proceeds of $1,236,412, for combined gross aggregate proceeds of $3,091,412. In the second and final tranche of the Offering, the Company raised $1,888,500 through the issuance of 2,318,750 FT Units and 47,857 HD Units. Each FT Unit consists of one (1) common share of the Company (“Common Share”) and one-half of one Common Share purchase warrant (“FT Warrant”), with each whole FT Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $1.05 for a period of 36 months from the date of issuance. Each HD Unit consists of one (1) Common Share and one (1) Common Share purchase warrant (“HD Warrant”), with each whole HD Warrant entitling the holder thereof to purchase one (1) Common Share at an exercise price of $1.00 for a period of 36 months from the date of issuance. All securities will be subject to a four-month hold period from the closing date. Under the Offering, the Company paid a total of $170,712.98 in cash commissions and issued 220,376 Common Share purchase warrants (“Finders’ Warrants”) to certain finders. Each Finders’ Warrant is exercisable at $1.00 per Common Share for a period of 36 months from the date hereof. Proceeds of the Offering will be used to complete the Phase 1 work program for the Company’s Alexo-Dundonald Project. to satisfy expenditure requirements related to the option agreement with Vanicom Resources Inc. and Quebec Precious Metals Corporation for the Somanike Property located in the Abitibi region of Quebec, and for general working capital purposes and to fund potential future acquisitions. Correction: In a news release dated November 4, 2020, it was incorrectly reported that Mr. David Fitch, a director of Class 1 beneficially own and controls 34,071,330 common shares of the Company. The correct number of shares beneficially owned and ...