Business
Pure Nickel Closes Second and Final Tranche of Private Placement of Units
Toronto, Ontario--(Newsfile Corp. - July 22, 2019) - Pure Nickel Inc. (TSXV: NIC) (the "Compan...
About this update from Galleon Gold Corp
[{"type":"text","content":"Pure Nickel Closes Second and Final Tranche of Private Placement of UnitsToronto, Ontario--(Newsfile Corp. - July 22, 2019) - Pure Nickel Inc. (TSXV: NIC) (the \"Company\" or \"Pure Nickel\") announces that it has completed the final tranche of a non-brokered private placement (\"Financing\"). Upon closing of the final tranche of the Financing, the Company issued 500,000 units (\"Unit\") at a price of $0.05 per Unit for gross proceeds of $25,000. Each Unit consists of one common share (\"Common Share\") and one-half of one Common Share purchase warrant (\"Warrant\"), each Warrant entitling the holder to purchase one additional Common Share at an exercise price of $0.12 for a period of two years after closing. All securities issued in conjunction with the Financing are subject to a statutory four month hold period from the date of issue. No commissions, broker fees or finders' fees will be paid in conjunction with the closing of the Financing. Aggregate gross proceeds from the first and second tranche closings of the Financing totaled $141,667.Proceeds from the Financing will be used for general corporate purposes and advancement of exploration plans for the Neal Property. A director of the Company participated in the Financing for a total of 500,000 Units. The participation by the director is deemed to be a \"related party transaction\" as defined under Multilateral Instrument 61-101-Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the Units distributed to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Financing as participation of insiders had not been confirmed at that time.About Pure NickelPure Nickel is a mineral exploration and development company. Since the start of 2019, the Company has made strategic steps to expand its focus to include gold and silver exploration. The addition of the Neal Project in Idaho, in partnership with Eric Sprott, provides the Company with an advanced stage gold exploration project that is expected to continue to return positive e...