Business
EV Nickel to Close Oversubscribed Private Placement of C$2.1M
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICES TORONTO, ON / AC...
About this update from Ev Nickel Inc.
[{"type":"text","content":"EV Nickel to Close Oversubscribed Private Placement of C$2.1MNOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE SERVICESTORONTO, ON / ACCESSWIRE / September 14, 2023 / EV NICKEL INC. (TSXV:EVNI) (\"EVNi\" or the \"Company\") announced today that it is closing the second and final tranche of a non-brokered, private placement of units (\"Units\") of the Company at C$0.06 per Unit (see news releases dated July 17, 2023 and September 12, 2023) for total gross proceeds of C$2,100,020 (the \"Offering\").Tranche 1 closed on July 21, 2023, with aggregate proceeds of C$82,020 and tranche 2 is closing today for aggregate proceeds of C$2,018,000 (each, a \"Closing Date\"). Pursuant to the Offering, the Company is issuing, in aggregate, 35,000,334 Units between tranche 1 and tranche 2. Each Unit consists of one common share (\"Common Share\") in the capital of the Company and one common share purchase warrant (each, a \"Warrant\"). Each Warrant will entitle the holder thereof to purchase one Common Share at an exercise price of C$0.09 for a period of 24 months following the respective Closing Date. EVNi intends to use the net proceeds raised from the Offering for the continued exploration and advancement of the Company's Shaw Dome Project located south of Timmins, Ontario and for general corporate purposes.Three new strategic investors are participating in the Offering (each, a \"New Strategic Investor\"), consisting of two generalist financial investors, John Paterson (\"Mr. Paterson\") and Hegemon VC EVNi, LLC (\"Hegemon\"), and one industry participant. After the Offering, each of the New Strategic Investors will own more than 5% but less than 9.9% of the Common Shares. In connection with the Offering, and pursuant to Investor Rights Agreements (each, an \"Investor Rights Agreement\") entered into with each of the New Strategic Investors, each New Strategic Investor was also granted the right to nominate a candidate to the EVNi board of directors (the \"Nomination Rights\"). One of the New Strategic Investors, John Paterson, will hold Nomination Rights until December 31, 2025, and the other two New Strategic Investors will retain their Nomination Rights provided they continue to hold at least 5% of the Common Shares. Each of the New Strategic Investors has also been granted a right to maintain their pro-rata interest in ...