Business
Power Nickel Announces C$2.25 Million Private Placement
TORONTO, ON / ACCESSWIRE / August 3, 2023 / Power Nickel Inc. (the " Company" or " Power Nickel...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel Announces C$2.25 Million Private PlacementTORONTO, ON / ACCESSWIRE / August 3, 2023 / Power Nickel Inc. (the \"Company\" or \"Power Nickel\") (TSXV:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce a proposed private placement (the \"Offering\") of up to 4,500,000 flow-through shares (each, an \"FT Share\") of the Company, for $0.50 per FT Share, for aggregate gross proceeds of up to CAD 2,250,000.Each FT Share will be composed of one common share of the Company that qualifies as a \"flow-through share\" (each, an \"FT Share\") for purposes of the Income Tax Act (Canada) (the \"ITA\"). All securities issued under the Private Placement will be subject to a four-month and one-day statutory hold period.The Company intends to use the gross proceeds from the sale of the FT Shares for exploration activities on the Company's NISK property located in Quebec and to incur eligible Canadian exploration expenses, within the meaning of the ITA, that will qualify for the federal 30% Critical Mineral Exploration Tax Credit.The Company has signed subscription forms and expects to close the deal in early August. The Private Placement is subject to TSX Venture Exchange (\"TSXV\") approval.About Power Nickel Inc.Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nisk project into Canada's first Carbon Neutral Nickel mine.On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV). Subsequently, Power Nickel has exercised its option to acquire 50% of the Nisk Project and delivered notice to Critical Elements that it intends to exercise its second option to bring its ownership to 80%. The last remaining commitment to activate this exercise of the option is the delivery of a NI-43-101 Technical report which is anticipated to occur at the latest in Q4 2023.The NISK property comprises a significant land position (20 kilometers of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the historical high-grade nickel-copper PGE mineralization with a series of drill programs designed to test the initial Nisk discovery zone and to explore the land package for adjacent potential Nickel deposits.In addition to the Nisk project, Powe...