Business
Nickelex Applies to Extend Closing of Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Nickelex Resource Corporation...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Nickelex Applies to Extend Closing of Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - December 7, 2023) - Nickelex Resource Corporation (TSXV: NICK) (\"Nickelex\" or the \"Company\") reports that the Company has requested a 30-day extension, subject to TSX Venture Exchange approval, to close the previously announced non-brokered private placement.The Company will issue up to 11,000,000 units in a flow-through private placement at a price of $0.05 per unit (\"FT Unit\") to raise $550,000, and issue up to 20,000,000 units in a non-flow-through private placement at a price of $0.025 per unit (\"NFT Unit\") to raise $500,000 (combined, the \"Offering\"). Each FT Unit will consist of one flow-through common share and one share purchase warrant (a \"Warrant\"). Each NFT Unit will consist of one non-flow-through common share and one Warrant. Each Warrant in the Offering will be exercisable to purchase one non-flow-through common share at an exercise price of $0.05 for a period of three years from the date of issue. Finders' fees and commissions may be paid by Nickelex in relation to this issuance. Net proceeds from the Offering will be used for working capital and to fund costs associated with the initial phase of exploration consisting of detailed ground geophysics (MAG/VTEM) to refine 10-12 drill targets on the Strong Project. The Strong Project consists of four Mineral Exploration Licenses (\"MEL\"): the Strong, Strong Extension, Moak North and Wilson MELs. These MELs cover an area of 30,283 hectares, located at the north end of the Thompson Nickel Belt, Manitoba (\"TNB\") and cover rock lithologies similar to host rocks of other major nickel deposits in the TNB. The Company signed a property option agreement with CanAlaska Uranium Ltd. to earn up to an 80% interest in the Strong Project (see news release dated October 17, 2023). The property option agreement is subject to TSX Venture Exchange acceptance.Based on successfully completing the Offering, the Company plans to spend approximately $550,000 in exploration expenditures on the Strong Project and allocate $500,000 to general working capital; the allocation includes approximately $1,800 per month to non-arm's length parties for provision of accounting and administrative services and also includes amounts to Manex Resource Group Inc. (\"Manex\") for ...