Canada Nickel Closes C$4 Million Private Placement of Flow-Through Shares

SEATTLE (Scrap Monster):  Canada Nickel (TSXV: CNC) (OTCQB: CNIKF) has completed a non-brokered private placement, raising C$4,002,000 through the issuance of 3,480,000 flow-through shares at C$1.15 per share. The proceeds will fund eligible resource exploration expenses, including Canadian Exploration expenses and flow-through critical mineral mining expenditures.

The company plans to use these funds to continue its exploration program through the first half of 2025, focusing on the Timmins Nickel District. Their goals include upgrading initial mineral resources at Reid and Deloro, and developing their Bannockburn high-grade discovery. Canada Nickel aims to publish eight mineral resources for their Timmins Nickel District properties by mid-2025.

Mark Selby, CEO said, "After a highly successful exploration program in 2024, this financing allows us to continue to build on this success through the first half of 2025 as we continue to demonstrate the potential of the Timmins Nickel District, including upgrading the initial mineral resources we have published for both Reid and Deloro and building on this year's high grade discovery at Bannockburn.  We look forward to publishing a total of eight mineral resources for our Timmins Nickel District properties by mid-2025."

The gross proceeds from the Offering will be used by the Company to incur (or be deemed to incur) eligible resource exploration expenses that will qualify as (i) "Canadian Exploration expenses" (as defined in the Income Tax Act (Canada)), (ii) "flow-through critical mineral mining expenditures" (as defined in subsection 127(9) of the Income Tax Act (Canada)) (collectively, the "Qualifying Expenditures"), and (iii) "eligible Ontario critical mineral exploration expenditures" within the meaning of subsection 103(4.1) of the Taxation Act, 2007 (Ontario). Qualifying Expenditures in an aggregate amount not less than the gross proceeds raised from the issuance of the FT Shares will be incurred (or deemed to be incurred) by the Company on or before December 31, 2025, and will be renounced by the Company to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2024.

All securities issued under the Offering will be subject to a hold period expiring four months and one day from the closing date of the Offering in accordance with applicable Canadian securities laws.

Courtesy: www.stocktitan.net