- Power Nickel (PNPN) has announced a proposed non-brokered private placement for gross proceeds of up to $3,000,000
- The company will issue up to 10,000,000 flow-through units and up to 10,000,000 non-flow-through units
- Power Nickel is a resource exploration company engaged in acquiring and exploring mineral properties in Chile and Canada
- Power Nickel Inc. (PNPN) opened trading at C$0.095
Power Nickel (PNPN) has announced a proposed non-brokered private placement for gross proceeds of up to $3,000,000.
The company will issue up to 10,000,000 flow-through units for $0.20 per FT unit and up to 10,000,000 non-flow-through units for $0.10 per NFT unit.
Each FT unit will include one flow-through common share and one non-flow-through common share purchase warrant. Each warrant will be exercisable into one non-flow-through common share for a period of five years.
Each NFT unit will consist of one common share and one warrant.
The warrants will be subject to an acceleration clause.
All securities issued will be subject to a statutory four-month hold period.
The company intends to use the gross proceeds from the sale of the FT shares to incur eligible “Canadian exploration expenses” that will qualify for the federal Critical Mineral Exploration Tax Credit.
Approximately $800,000 of the proceeds from the sale of the NFT Units will be used to settle an outstanding debture. The remainder of the proceeds from the sale of the NFT units will be used for general administrative and working capital purposes.
Power Nickel is a resource exploration company engaged in acquiring and exploring mineral properties in Chile and Canada.
Power Nickel Inc. (PNPN) opened trading at C$0.095.
