Canada Nickel raises C$4 Million in Private Placement of Flow-Through Shares
By Kevin Vincent
Canada Nickel has announced the successful completion of a non-brokered private placement, raising C$4,002,000 through the issuance of 3,480,000 flow-through shares priced at C$1.15 each.
“This financing ensures we can maintain momentum after a highly successful 2024 exploration campaign,” said Mark Selby, CEO. “The funds will allow us to upgrade the initial mineral resources at both Reid and Deloro, as well as build on the high-grade discovery at Bannockburn. We are excited to continue unlocking the potential of the Timmins Nickel District and aim to publish eight mineral resource estimates for the district by mid-2025.”
Use of Proceeds
The gross proceeds will be allocated to eligible exploration expenses, qualifying as:
• Canadian Exploration Expenses (CEE) under the Income Tax Act (Canada),
• Flow-through critical mineral mining expenditures as defined in subsection 127(9) of the Income Tax Act (Canada), and
• Eligible Ontario critical mineral exploration expenditures under subsection 103(4.1) of the Ontario Taxation Act, 2007.
Canada Nickel will incur or deem to incur the required expenses by December 31, 2025, with renunciation to the flow-through shareholders effective December 31, 2024.
Additional Details
All securities issued as part of the Offering are subject to a four-month hold period, expiring four months and one day from the closing date, in compliance with Canadian securities laws.
The securities have not been registered under the U.S. Securities Act of 1933 and are not available for sale within the United States without meeting specific registration exemptions.
About Canada Nickel Company
Canada Nickel is pioneering the next generation of nickel-sulphide projects, positioning itself as a key supplier for the high-growth electric vehicle and stainless steel markets. Anchored by its flagship Crawford Nickel-Cobalt Sulphide Project in the Timmins-Cochrane mining camp, the company is focused on delivering net-zero carbon nickel, cobalt, and iron products under its NetZero Nickel™, NetZero Cobalt™, and NetZero Iron™ initiatives.
With an ambitious plan to unlock the resource potential of the Timmins Nickel District, Canada Nickel continues to deliver results and expand its role in the global clean energy transition.
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