- NiCAN (TSXV:NICN) closed its C$1.2 million non-brokered private placement with Michael Gentile, one of the junior mining industry’s top individual investors
- The junior nickel company is advancing a pair of prospective projects in Manitoba
- NiCAN stock last traded at C$0.12 and has added 140 per cent year-over-year
NiCAN (TSXV:NICN) closed its C$1.2 million non-brokered private placement with Michael Gentile, one of the junior mining industry’s top individual investors, approximately doubling his stake to 19.9 per cent on a non-diluted basis. Gentile’s portfolio holds significant positions in more than 25 small-cap mining stocks, including Aeonian Resources and Maple Gold Mines.
NiCAN will allocate the proceeds to its Pipy project in Thompson, Manitoba, only 15 kilometres north of Vale’s Thompson nickel deposit, which has been in production since the 1960s. Historical drilling shows similarities between the project’s mineralized systems, granting the company a firm foundation for future exploration.
The company may also undertake work at its nearby Wine property, where high-grade drilling generated since the 1980s substantiates the property’s similarity to numerous multi-million-ounce nickel deposits.
The financing consisted of 7.9 million hard-dollar units priced at C$0.05 for gross proceeds of C$395,000, as well as 10 million charity flow-through units priced at C$0.0875 for gross proceeds of C$875,000, the latter allowing NiCAN to pass qualified exploration expenses to Gentile.
According to Thursday’s news release, while Gentile also holds 21.4 million NiCAN warrants, he has agreed to not exercise them and increase his stake past the 20 per cent control person threshold without shareholder and exchange approvals.
Management commentary
“NiCAN is thrilled to welcome Michael as a strategic investor. Michael is a prominent junior mining investor known for his capital markets expertise and has a proven track record of identifying undervalued situations. We greatly appreciate Michael’s continued support, deep sector knowledge and broad network, which provides NiCAN with an invaluable resource as we move our assets forward,” Brad Humphrey, president and chief executive officer of NiCAN, said in a statement.
About NiCAN
NiCAN is a junior mining company advancing a pair of prospective projects in Manitoba.
NiCAN stock (TSXV:NICN) last traded at C$0.12 and has added 140 per cent year-over-year.
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