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Premium Nickel Resources Announces Upsize to Previously-Announced Equity Financing
Aggregate $22 Million Equity and Debt Financing Package After Upsize of Offering Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Premium Nickel Resource
About this update from Nexmetals Mining Corp.
[{"type":"text","content":" Aggregate $22 Million Equity and Debt Financing Package After Upsize of Offering Toronto, Ontario--(Newsfile Corp. - December 4, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (the \"Company\") is pleased to announce, further to its news release issued on December 3, 2023, that the Company, together with Cormark Securities Inc., on behalf of BMO Capital Markets, as co-lead agent, and a syndicate of agents (collectively, the \"Agents\"), have agreed to increase the size of their previously-announced \"best efforts\" private placement of common shares of the Company (the \"Common Shares\") at a price of $1.20 per Common Share to aggregate gross proceeds of up to approximately $17 million (the \"Offering\"). After giving effect to the upsize of the Offering, the Company's proposed equity and debt financing package of $22 million comprises: Brokered Private Placement: a \"best efforts\" private placement Offering of up to 14,166,700 Common Shares at a price of $1.20 per Common Share for aggregate gross proceeds of up to approximately $17 million; and Amended Term Loan: a second amended and restated commitment letter between the Company and Cymbria Corporation to, inter alia, amend the terms of their existing term loan to increase the principal amount of the loan from $15,000,000 to $20,882,353(the \"Amended Term Loan\"), which, upon closing of the Amended Term Loan, would result in additional gross proceeds to the Company of $5,000,000. Other than the upsize of the Offering, all other details of the proposed debt and equity financing remain as disclosed in the news release of the Company issued on December 3, 2023 and entitled \"Premium Nickel Resources Ltd. Announces Proposed $20 Million Equity and Debt Financing Package\". The Offering is expected to close on or about December 14, 2023, or such other date as the Company and the Agents may agree and remains subject to the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the Uni...