- Premium Nickel (PNRL) is announcing a C$7 million bridge loan from Ontario’s Pinnacle Island LP
- The loan bears interest at a rate of 10 per cent per year, payable upon maturity on February 22, 2023
- Proceeds will go toward working capital
- Premium Nickel Resources explores and develops high-quality nickel, copper and cobalt resources in Botswana, Canada and Greenland
- Premium Nickel Resources (PNRL) is down by 28.21 per cent, trading at $1.40 per share
Premium Nickel (PNRL) is announcing a C$7 million bridge loan from Ontario’s Pinnacle Island LP.
The loan, in the form of a promissory note, bears interest at a rate of 10 per cent per year, which is calculated monthly and payable upon maturity on February 22, 2023.
The company may extend the maturity date to March 22, 2023, by providing written notice by February 15, 2023.
Proceeds will go toward working capital.
Premium Nickel’s obligations under the note are fully guaranteed by existing and future subsidiaries.
It has paid Pinnacle a commitment fee of $260,000, as well as issued it 119,229 common share purchase warrants.
Each warrant is exercisable into one share priced at $2.04 for one year after the funds are advanced under the note.
Premium Nickel Resources explores and develops high-quality nickel, copper and cobalt resources. Drilling at its flagship Selebi Mine in Botswana is expected to last for up to 18 months, with the delivery of a compliant preliminary economic assessment slated for the end of 2023.
The company also holds interests in projects in Greenland and Canada.
Premium Nickel Resources (PNRL) is down by 28.21 per cent, trading at $1.40 per share as of 2:53 pm ET.