Business
Power Nickel Closes Final Tranche of Financing
TORONTO, ON / ACCESSWIRE / May 5, 2023 / Power Nickel Inc. (the " Company " or " Power Nickel ")...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"\nPower Nickel Closes Final Tranche of FinancingTORONTO, ON / ACCESSWIRE / May 5, 2023 / Power Nickel Inc. (the \"Company\" or \"Power Nickel\") (TSXV:PNPN)(OTCQB:PNPNF)(Frankfurt:IVVI) is pleased to announce it has closed the final tranche of the private placement previously announced on March 13, 2023 (the \"Offering\") for 1,032,000 flow-through units (each, an \"FT Unit\") of the Company, at a price of $0.50 per FT Unit, for gross proceeds of CAD $516,000. The Company has received conditional TSX Venture Exchange (\"TSXV\") approval for the Private Placement.\"We are pleased to close the final tranche of our previously announced Private Placement. It ended up at $4,810,000. We could have hung around for another week and closed more, but we just wanted to get this closed and focus on getting more great results out on our drilling and exploration program at Nisk,\" said Power Nickel CEO Terry Lynch. \"At the risk of being repetitive, we have benefited greatly by having our project in Quebec, where very favorable incentives exist for Critical Mineral projects like our NISK Nickel Sulfide project at Nemaska.\"Lynch commented further, \"Quebec, Canada is, in our opinion, the World's leading jurisdiction for exploration for Critical Minerals. This was further cemented by the recent Quebec and Canadian budgets, which provide substantial incentives to explore Critical Minerals and build mines. In our case, this financing is focused on exploration, and we were able to raise twice as much money with half the dilution. Going forward, the new, unappreciated by the market incentives, could, for example, advance as much as $200 Million USD to building a $400 Million Nickel Mine. While significant steps remain before determining if a mine would be viable and the budgets are not yet law, these are substantial incentives that de-risk projects for investors and enable governments to inspire investment and development in the critical mineral sector. We look forward to utilizing these incentives on our quest to build the world's first Carbon Neutral Nickel Mine.\"The Company expects to have additional assays available for release next week and believes the next two months could be among the busiest and best for Power Nickel.\"We are planning to have multiple material releases coming on additional assay results, the results of the Airborne EM, t...