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Premium Nickel Resources Announces Closing of Second Tranche of Private Placement of Units for Total Offering of C$27.5 Million
"This financing will provide the capital needed for continuing the underground infill drilling at...
About this update from Nexmetals Mining Corp.
[{"type":"text","content":"Premium Nickel Resources Announces Closing of Second Tranche of Private Placement of Units for Total Offering of C$27.5 Million\"This financing will provide the capital needed for continuing the underground infill drilling at Selebi North, and the surface in-fill and exploration drilling at Selebi Main and in the Hinge Zone. The Selebi MRE is on track to be released in the coming weeks. Additionally, we anticipate publishing a maiden mineral resource estimate, prepared in accordance with NI 43-101, for Selkirk in Q4 2024.\"– CEO, Keith MorrisonToronto, Ontario--(Newsfile Corp. - June 21, 2024) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (\"PNRL\" or the \"Company\") is pleased to announce, further to its news release dated June 14, 2024, that it has closed the second tranche of its non-brokered private placement offering of units of the Company (the \"Units\"), pursuant to which the Company issued an additional 16,021,795 Units at a price of C$0.78 per Unit (the \"Issue Price\") for gross proceeds of approximately C$12.5 million (the \"Offering\"). The total size of the Offering is approximately C$27.5 million, comprising (i) C$15 million, which closed on June 14, 2024, and (ii) C$12.5 million, which closed earlier today.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 its respective 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.Keith Morrison, CEO of PNRL, commented: \"We are very...