Mining Discovery

Over-subscribed $20 Million Flow-Through Offering closed with the backing of leading mining investors Robert Friedland, Rob McEwen, CVMR, and Terra Capital

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TORONTO June 24, 2024 – Power Nickel Inc.  (the “Company” or “Power Nickel” ) (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) is pleased to announce that it has closed an over-subscribed flow-through offering (the ” Offering“) for gross proceeds of $20,062,497.50 through the issuance of 16,049,998 flow-through units (the ” FT Units“) at a price of $1.25 per FT Unit. Each FT Unit is comprised of one flow-through common share and one-half of one share purchase warrant (each whole, a ” Warrant“), with each Warrant exercisable to purchase one common share at a price of $1.25 per common share for three years from the date of issuance. Each flow-through common share will qualify as a flow-through share for purposes of the Income Tax Act Canada) (” ITA“).

Industry legends Robert Friedland and Rob McEwen joined with several other leading mining investors, including CVMR Inc. and Terra Capital, to provide the investor buyback of the FT Units financing for Power Nickel.

“Power Nickel is grateful for the support of some of the leading investors in mining. Like us, they believe Nisk has exceptional exploration upside. With this capital, we will be able to substantially increase our already very successful exploration efforts. We currently have one drilling rig targeting the extension of the Lion Zone and soon we will have a second rig advancing the exploration program developed by our team, with substantial guidance from Dr. Steve Beresford. It is a very exciting time for our shareholders, stakeholders, and staff,” commented CEO Terry Lynch.

The Company worked with Wealth Creation Preservation & Donation Inc. and IA Capital Markets on the financing front end and used advisory services of Red Cloud Securities Inc. and H&P Advisory Limited in connection with the Offering. Back-end purchasers acquired the underlying common shares and Warrants from the front-end buyers of the FT Units, at $0.66 per common share and half-Warrant (combined).

The Company will use the gross proceeds from the sale of the FT Units for exploration activities on the Company’s Nisk property located in Quebec and to incur eligible “Canadian exploration expenses”, within the meaning of the ITA, that will qualify for the federal 30-per-cent critical mineral exploration tax credit.

The Offering is subject to the Company’s final filing requirements with the TSX Venture Exchange (” TSXV“) approval. All securities issued under the financing are subject to a hold period of four months and one day from the date of issuance.

The Company paid finder’s fees on the financing, including 265,027 finder warrants exercisable for a period of 18 months from closing into a common share at $1.25 per common share and cash commissions and advisory fees of $387,239.64 as permitted by the policies of the TSXV and applicable securities laws.

About Power Nickel Inc.

Power Nickel is a Canadian junior exploration company focusing on developing the High-Grade Nickel Copper PGM, Gold and Silver Nisk project into Canada’s next poly metallic mine.

On February 1, 2021, Power Nickel (then called Chilean Metals) completed the acquisition of its option to acquire up to 80% of the Nisk project from Critical Elements Lithium Corp. (CRE: TSXV).

The NISK property comprises a large land position (20 kilometres of strike length) with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade nickel-copper PGM, Gold and Silver mineralization with a series of drill programs designed to test the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential poly metallic deposits.

In addition to the Nisk project, Power Nickel owns significant land packages in British Colombia and Chile. Power Nickel is expected to reorganize these assets in a related public vehicle through a plan of arrangement.

For further information, readers are encouraged to contact:

Mr. Duncan Roy, VP Investor Relations
416-580-3862
duncan@powernickel.com

Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This message contains certain statements that may be deemed “forward-looking statements” concerning the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential,” “indicates,” “opportunity,” “possible” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, among others; the timing for various drilling plans; the ability to raise sufficient capital to fund its obligations under its property agreements going forward and conduct drilling and exploration; to maintain its mineral tenures and concessions in good standing; to explore and develop its projects; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations; future prices of nickel and other metals; changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential for new discoveries; the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the projects and if accepted, to obtain such licenses and approvals in a timely fashion relative to the Company’s plans and business objectives for the applicable project; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company’s operations, compliance with environmental laws and regulations, dependence on key management personnel and general competition in the mining industry.

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