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Power Nickel Follows Up High Grade Results at Nisk with New Fully Funded 5000 M Drill Program
TORONTO, ON / ACCESSWIRE / March 24, 2022 / Power Nickel Inc . (the "Company" or "Power Nick...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel Follows Up High Grade Results at Nisk with New Fully Funded 5000 M Drill ProgramTORONTO, ON / ACCESSWIRE / March 24, 2022 / Power Nickel Inc. (the \"Company\" or \"Power Nickel\") (TSXV:PNPN)(OTCBB:CMETF)(FRA:IVVI) is pleased to announce that a follow-up drill program has been authorized to take place as quickly as permits and a diamond drill rig can be obtained with the expectation that a 5000-meter program can commence later in Q2 after breakup.Power Nickel CEO Terry Lynch commented, \"The results we have obtained from our current round as identified in the table below when combined with the historical NI 43-101 mineral resource estimate are very encouraging. In a world that has woken up to a serious shortage of High-Grade Nickel Sulphate projects we are confident the Nisk project has great potential to play a significant role in providing Class 1 Nickel in the most Environmental, Social, and Governance (\"ESG\") friendly way to Battery makers in North America and beyond.\"To fund the additional drilling Power Nickel will use existing capital on hand and will also accelerate the expiry of the September 2020 $0.15 warrants. Pursuant to the terms of those warrants, the Company may call the warrants at any time after January 31, 2021, in the event that the closing price per Common Share is more than $0.30 per Common Share for more than 10 consecutive trading days, the Company shall be entitled to accelerate the Warrant Expiry Date to the date that is a minimum of 20 working days following the date on which the Company announces the accelerated Warrant Expiry Date by press release. With this acceleration notice, the company has determined the warrants will expire on April 29, 2022.\"We had traded over this level last year (February 24, 2021, to March 19, 2021) and activated our ability to accelerate the exercise of the warrants. However, we had indicated we would first execute our drill program and report initial results before we exercised our rights. Now we have delivered the goods and feel it is in the best interest of all shareholders that we use this funding at this time. There are approximately 8 million warrants with about 40% owned by insiders and close associates. We expect full redemption.\"I would have thought our shares would have responded in a more positive way and they were trending nicely last week but...