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Premium Nickel Resources Announces Extension of CAD $7 Million Promissory Note
Toronto, Ontario--(Newsfile Corp. - March 17, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) ("PNRL" or the "Company") announces that it has entered into an
About this update from Nexmetals Mining Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - March 17, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) (\"PNRL\" or the \"Company\") announces that it has entered into an amended and restated promissory note (the \"A&R Promissory Note\") extending the maturity of its previously issued CAD $7 million promissory note from March 22, 2023 to November 24, 2023 (the \"Extension\"). The promissory note is held by Pinnacle Island LP, an arm's-length limited partnership formed under the laws of the Province of Ontario (the \"Lender\"). All other terms of the promissory note remain as previously announced (see news release of the Company dated November 21, 2022). In connection with the Extension and entry into of the A&R Promissory Note, the Company paid an amendment and restatement fee of CAD $225,000 and issued 350,000 non-transferrable common share purchase warrants (the \"Warrants\") to the Lender. Each Warrant is exercisable to acquire one common share of the Company (the \"Common Shares\") at a price of CAD $1.75 per Common Share for a period of one year from date of the A&R Promissory Note. In connection with the Extension and issuance of the Warrants, the 119,229 common share purchase warrants previously issued to the Lender in connection with the initial issuance of the promissory note have been cancelled concurrently with the Extension. The Warrants and any Common Shares issuable on exercise of the Warrants are subject to a statutory four-month hold period under applicable Canadian securities laws from the date of issue. The Extension, A&R Promissory Note and the Warrants are subject to the final acceptance of the TSX Venture Exchange. In addition, further to the news release of the Company on February 24, 2023 announcing the closing of PNRL's CAD $7.8 million \"best efforts\" brokered private placement (the \"Private Placement\"), the Company wishes to confirm that a total of 221,448 broker warrants were issued to the agents of the Private Placement. For further details of the Private Placement, please refer to the material change report dated March 6, 2023, which is available on SEDAR (www.sedar.com) under the Company's issuer profile. About Premium Nickel Resources Ltd. PNRL is a mineral exploration and development company that focuses on discovering and advancing high-quality nickel, copper and cobalt resources. W...