Premium Nickel Resources Announces Closing of First Tranche of Private Placement of Units for Gross Proceeds of C$15 Million

About this update from Nexmetals Mining Corp.

[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 14, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (\"PNRL\" or the \"Company\") is pleased to announce that, further to its news releases dated June 5, 2024 and June 10, 2024, it has closed the first tranche of a non-brokered private placement offering, pursuant to which the Company issued an aggregate 19,234,614 units of the Company (the \"Units\") at a price of C$0.78 per Unit (the \"Issue Price\") for aggregate gross proceeds of approximately C$15 million (the \"Offering\"). The Company expects to close a second tranche of the Offering on or about June 21, 2024. Each Unit is comprised of one common share of the Company (each, a \"Common Share\") and one common share purchase warrant of the Company (each, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Common Share at any time prior to 5:00 p.m. (Toronto time) for a period expiring 60 months following the date of issuance (the \"Expiry Date\") at a price of C$1.10 per Common Share, subject to acceleration as described herein. If, at any time prior to the Expiry Date, the volume-weighted average trading price of the Common Shares on the TSX Venture Exchange (the \"Exchange\") (or such other principal exchange or market where the Common Shares are then listed or quoted for trading) is at least C$2.00 per Common Share for a period of 20 trading days, the Company may, at its option, elect to accelerate the Expiry Date to a date (the \"Accelerated Expiry Date\") that is not less than 30 days following the date that the Company provides written notice to the holders of the Warrants of the Accelerated Expiry Date. The net proceeds of the Offering will be used by the Company to advance the exploration and development of its past-producing nickel-copper-cobalt sulphide assets in Botswana and for general corporate and working capital purposes. All securities issued under the Offering will be subject to a hold period of four months plus one day from the date of issuance in accordance with applicable Canadian securities laws and the policies of the Exchange. The Offering remains subject to final acceptance by the Exchange. In connection with the Offering, SCP Resource Finance LP (\"SCP\"), in its capacity as financial advisor to the Company, is entitled to be paid an advisory fee, which the Company has s...

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