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Flying Nickel Closes 2nd Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $58,000 and Appoints Chief Legal Officer
Vancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Flying Nickel Mining Corp. (TSX...
About this update from Cleantech Vanadium Mining Corp
[{"type":"text","content":"Flying Nickel Closes 2nd Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $58,000 and Appoints Chief Legal OfficerVancouver, British Columbia--(Newsfile Corp. - October 7, 2024) - Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (\"Flying Nickel\" or the \"Company\") announces that, further to its news release dated August 30, 2024, and September 25, 2024, it has closed the second tranche of its non-brokered private placement offering (the \"Private Placement\") raising gross proceeds of $58,000 through the issuance of 1,160,000 units (the \"Units\") at a price of $0.05 per Unit.Each Unit consists of one common share of the Company (\"Share\") and one share purchase warrant with each warrant (the \"Warrant\") entitling the holder to purchase one additional Share at a price of $0.06 per Share for a period of three years from issuance.The securities issued in connection with the Private Placement will be subject to a regulatory hold period and cannot be traded until January 28, 2025.Proceeds of the Private Placement are expected to be used for general working capital and administrative purposes. No finder's fee was paid in connection with the second tranche of the Private Placement.John Lee, CEO and a Director of the Company, subscribed for 800,000 Units for gross proceeds of $40,000. The issuance of Units to Mr. Lee pursuant to the Private Placement is considered a related party transaction within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company relies on exemptions from the formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not exceed 25% of the fair market value of the Company's market capitalization. The Company will file a material change report in respect of the related party transactions in connection with the Private Placement.The Company is also pleased to announce the appointment of Alex Bayer as its Chief Legal Officer, to lead all legal matters for the Company, effective as of October 2, 2024.Alex is a seasoned corporate securities lawyer with over 15 years of experience, specializing in the mining sector. He has extensive expertise in advising mining companies on ...