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NiCAN Announces Non-Brokered Private Placement with Strategic Investor Michael Gentile for Gross Proceeds of up to $1,270,000
All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated. TORONTO, Feb. 20, 2026 /CNW/ - NiCAN Limited. (TSXV: NICN) ("NiCAN" or the "
About this update from Nican Ltd.
All monetary amounts are expressed in Canadian Dollars, unless otherwise indicated. TORONTO, Feb. 20, 2026 /CNW/ - NiCAN Limited. (TSXV: NICN) ("NiCAN" or the "Company") is pleased to announce that it intends to complete a non-brokered private placement for maximum aggregate gross proceeds of up to $1,270,000 (the "Offering"), pursuant to which up to 17,900,000 Units (as defined below) are expected to be purchased by strategic investor Michael Gentile (the "Strategic Investment"). The Offering will consist of the sale of: (i) up to 7,900,000 hard-dollar units of the Company (the "HD Units") at a price of $0.05 per HD Unit, for gross proceeds from the HD Units of up to $395,000 and (ii) up to 10,000,000 charity flow-through units of the Company (the "CFT Units", and together with the HD Units, the "Units") at a price of $0.0875 per CFT Unit, for gross proceeds from the CFT Units of up to $875,000. Each HD Unit will be comprised of one common share of the Company (each, a "Share") and one common share purchase warrant of the Company (each, a "Warrant"), with each Warrant entitling the holder thereof to purchase an additional Share of the Company (a "Warrant Share") at an exercise price of $0.075 per Warrant Share for 36 months from the closing of the Offering. Each CFT Unit will be comprised of one common share of the Company (each, a "CFT Share") issued as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) and one Warrant, which will also qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada). The Warrants and all prior Share purchase warrants held by Mr. Gentile will be subject to a 20% blocker provision that restricts the exercise of any Warrants in the event that such exercise would result in the applicable securityholder holding 20% or more of the issued and outstanding Shares at such time. Therefore, it is not expected that the Offering as described herein will result in the creation of a new "control person", as such term is defined in the policies of the TSX Venture Exchange (the "Exchange"), of the Company. The Company will use an amount equal to the gross proceeds from the sale of the CFT Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mi...