- Flying Nickel Mining Corp. (FLYN) has closed a private placement for gross proceeds of $859,200
- The company issued a total of 5,370,000 units priced at $0.16 per unit
- Proceeds will be used for the 7,081-meter Minago PGM assay program
- Flying Nickel Mining is a nickel sulphide mining and exploration company
- Flying Nickel Mining Corp. (FLYN) is down 2.33 per cent on the day, trading at C$0.21 per share at 11:45 am ET
Flying Nickel Mining Corp. (FLYN) has closed its previously announced private placement for gross proceeds of $859,200.
The company issued a total of 5,370,000 units priced at $0.16 per unit. Each unit consists of one common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional share at a price of $0.20 for 36 months from the closing date of the offering.
Sparta AG and Blackstone Minerals Limited participated in the offering, and each company now owns more than 5 per cent of the company’s common shares.
The securities issued will be subject to a statutory 4-month hold period.
Proceeds will be used for the 7,081-meter Minago PGM assay program and general corporate purposes.
Flying Nickel is working towards completing the proposed acquisition of all of the issued and outstanding common shares of Nevada Vanadium by way of a court-approved plan of arrangement. Flying Nickel and Nevada Vanadium expect to update the closing schedule in March 2023.
Flying Nickel Mining is a nickel sulphide mining and exploration company advancing its 100 per cent owned Minago nickel project in Manitoba.
Flying Nickel Mining Corp. (FLYN) is down 2.33 per cent on the day, trading at C$0.21 per share at 11:45 am ET.