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Premium Nickel Resources Closes C$7.65 Million Private Placement Financing
Toronto, Ontario--(Newsfile Corp. - February 24, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) ("PNRL" or the "Company") is pleased to annou
About this update from Nexmetals Mining Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - February 24, 2023) - Premium Nickel Resources Ltd. (TSXV: PNRL) (OTCQX: PNRLF) (\"PNRL\" or the \"Company\") is pleased to announce that it has closed its previously-announced \"best efforts\" brokered private placement offering under which 4,437,184 common shares of the Company (the \"Common Shares\") were issued at a price of CAD$1.75 per Common Share for gross proceeds of CAD$7,765,072.00 (the \"Offering\"). Keith Morrison, CEO, commented: \"The Company is continuing financing strategies, along with this placement, to secure strong, long-term capital partners that will support our development while also obtaining favorable financing terms. The proceeds from this offering will be used to fund further resource drilling at the Selebi and Selkirk nickel-copper-cobalt-PGE deposits in Botswana, with the intention of advancing both mines to a PEA maiden resource status prepared in accordance with NI 43-101.\" Paradigm Capital Inc. acted as lead agent and sole bookrunner of the Offering (the \"Lead Agent\"), on behalf of a syndicate of agents (collectively, with the Lead Agent, the \"Agents\"). In connection with the Offering, the Company (i) paid to the Agents a cash commission equal to 6% of the gross proceeds (other than on certain president's list purchasers on which a cash commission of 3% was paid), and (ii) issued to the Agents that number of non-transferable broker warrants of the Company (the \"Broker Warrants\") as is equal to 6% of the number of Common Shares sold under the Offering (other than on Common Shares issued to president's list purchasers on which Broker Warrants equal to 3% were issued). Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of $1.75 per Common Share until February 24, 2025. 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. The Company has initiated work on upgrading the Selebi North shaft and preparing for underground pre-development work in anticipation of the upcoming underground drilling program. With the net proceeds from the Offering, we aim to accelerate the mobilization of drills on site to define a 43-101 compliant PEA maiden resource at Seleb...