Business
Fathom Nickel Announces the Closing of the Second and Final Tranche of Upsized Private Placement
Calgary, Alberta--(Newsfile Corp. - June 12, 2023) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the "Company" or "Fathom") is pleased to announce
About this update from Fathom Nickel, Inc.
[{"type":"text","content":" Calgary, Alberta--(Newsfile Corp. - June 12, 2023) - Fathom Nickel Inc. (CSE: FNI) (FSE: 6Q5) (OTCQB: FNICF) (the \"Company\" or \"Fathom\") is pleased to announce that it has closed the second and final tranche (the \"Second Tranche\") of its upsized non-brokered offering of flow-through units and non flow-though units (the \"Upsized Offering\"), previously announced on May 8, 2023. Pursuant to the Upsized Offering the Company issued 7,894,737 charity flow-through common units (the \"Charity FT Units\") at a price per Charity FT Unit of $0.19 (the \"Charity FT Price\") for gross proceeds of $1,500,000. Together with the previously closed First Tranche (see release dated May 31, 2023), the total gross proceeds of the Upsized Offering is $2,956,400. Each Charity FT Unit consists of one Charity flow-through Common Share (a \"Charity FT Share\") and one transferable Common Share purchase warrant (the \"Charity FT Unit Warrant\"), with each Charity FT Unit Warrant exercisable into a Charity FT Share for 24 months from issuance at an exercise price of C$0.20. The combined 7,894,737 Charity FT Shares issued were issued in accordance with the accredited investor exemption under National Instrument 45-106 Prospectus Exemptions and are subject to a resale restriction of four months and one day from the date of distribution. The gross proceeds of the Charity FT portion of the Upsized Offering will be used by the Company to incur eligible \"Canadian exploration expenses\" that will qualify as \"flow-through mining expenditures\" as such terms are defined in the Income Tax Act (Canada) (the \"Qualifying Expenditures\") related to the Company's Albert Lake Project and the Gochager Lake Project which are located in Saskatchewan, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2023. As consideration for services in connection with the Second Tranche of the Upsized Offering, the Company has paid to certain qualified (\"Finders\") a cash commission of $1,620. Crescat Capital LLC (\"Crescat\") participated in the Second Tranche with a strategic investment representing 21% of the total shares issued in the Upsized Offering. This brings Crescat's ownership/control position in Fathom to approximately 17.4% of the common shares currently outstanding (the \"Commo...