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Power Nickel Closes Financing Adding Over $4 Million Dollars; Looks to Expand the Drill Program at Nisk, its High Grade Nickel Sulfide Project, From 5000 Metres to 12,500-15,000 Metres
TORONTO, ON / ACCESSWIRE / November 22, 2022 / Power Nickel Inc . (the "Company" or "Power N...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel Closes Financing Adding Over $4 Million Dollars; Looks to Expand the Drill Program at Nisk, its High Grade Nickel Sulfide Project, From 5000 Metres to 12,500-15,000 MetresTORONTO, ON / ACCESSWIRE / November 22, 2022 / Power Nickel Inc. (the \"Company\" or \"Power Nickel\") (TSX-V:PNPN)(OTCBB:CMETF)(Frankfurt:IVVI) is pleased to announce it has completed its over-subscribed non-brokered private placement of 13,750,000 flow-through units (each, an \"FT Unit\") at a price of $0.20 per FT Unit and 14,425,000 non-flow-through units (each an \"NFT Unit\") at a price of $0.10 per NFT Unit, for aggregate gross proceeds of CAD$4,192,500. (the \"Private Placement\"). The Company has received conditional TSX Venture Exchange (\"TSXV\") approval for the Private Placement.Each FT Unit consists 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\"), and one non-flow-through common share purchase warrant (each, a \"Warrant\"). Each Warrant is exercisable into one non-flow-through common share (each, a \"Common Share\") at an exercise price of $0.20 per Warrant for a period of five years from the date of issuance. Each NFT Unit consists of one Common Share and one Warrant. All securities issued under the Private Placement will be subject to a four-month and one-day statutory hold period.In connection with the closing of the Private Placement, the Company paid finder's fees of $109,375 and issued 708,750 non-transferable finder's Warrants to certain finders in accordance with applicable securities laws and the policies of the TSXV. Each finder's warrant has the same terms as the Warrants but are non-transferable.The Warrants are subject to an acceleration clause that entitles the Company to provide notice (the \"Acceleration Notice\") to holders that the Warrants will expire 30 days from the date the Company provides the Acceleration Notice. The Company can only provide the Acceleration Notice if the closing price of the Company's Common Shares on the TSXV is equal to or greater than $0.40 for 10 consecutive trading days. The Acceleration Notice can be provided at any time after the statutory hold period and before the expiry date of the Warrants.The Company intends to use the gross proceeds from the sale of the FT Shares to inc...