Premium Nickel Resources Announces "Best Efforts" Private Placement Financing of up to CAD $27 Million and Provides Update on Bridge Loan

About this update from Nexmetals Mining Corp.

[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - January 30, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (\"PNRL\" or the \"Company\") announces a brokered private placement, on a \"best efforts\" basis, of up to 15,430,000 common shares of the Company (the \"Common Shares\") at a price of CAD$1.75 per common share for gross proceeds of up to CAD$27,002,500 (the \"Offering\"). In connection with the Offering, the Company has entered into an engagement letter with Paradigm Capital Inc. (the \"Agent\") to act as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed. The Company will grant the Agents an option (the \"Agents' Option\") to sell up to that number of additional Common Shares equal to 15% of the base Offering size, exercisable up to 48 hours prior to the Closing Date. The net proceeds from the Offering will be used to support the ongoing exploration and redevelopment work on the Company's flagship Botswana assets, being its 100% owned Selebi and Selkirk mines, and for general corporate purposes. In addition, the Company has agreed with Pinnacle Island LP to extend (the \"Extension\") the previously-announced CAD$7 million bridge loan (see news release of PNRL dated November 28, 2022) (the \"Bridge Loan\"), subject to completion of the Offering and approval of the TSX Venture Exchange. The Extension would result in the extension of the bridge Loan to November 28, 2023, being 12 months from the date of advance of the Bridge Loan, at the same interest rate and subject to the following modifications: Requirement to repay the full balance of the Bridge Loan upon PNRL raising a minimum of USD$30 million. Re-commitment fee payable to Pinnacle Island LP of 2% of the CAD$7 million original loan amount, payable within 10 days of the Extension becoming effective. Closing of the Offering and the amendments to the Bridge Loan are subject to receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued in connection with the Offering will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. In addition to the Offering, the Company is continuing to evaluate various financing options available to it, including royalty and streaming transactions...

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