January 10, 2024
Power Nickel Inc. (TSXV:PNPN, Not Rated, Timothy Lee) has closed a private placement for gross proceeds of C$2.2M. The company issued 4.36M flow-through (FT) units at C$0.50 per FT unit, with each unit comprising one FT share and a half non-FT warrant exercisable at C$0.50 for three years. The company plans to use the proceeds for exploration activities on its Nisk property (option for up to 80%) in Quebec. In particular, it is expected to bring in a second drill rig to focus on drilling the multiple new pods identified by the Fleet Space Technologies Ambient Noise Tomography technology. The company also provided a summary of plans for 2024, including the advancement of Nisk exploration, completion of a CVMR Feasibility Study, spin out of copper and gold assets into a Newco, sale of a royalty on Teck’s (TSX:TECK.B, Not Rated) Copaquire project, and, in H1/24, a sale of a 10% stake in Power Nickel and a 10% offtake agreement on future production at Nisk. Read more
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Power Nickel Inc. – TSXV:PNPN
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