Power Nickel secures C$40m for polymetallic project
TSX-V-listed Power Nickel on Wednesday announced the pricing of its previously disclosed “best efforts” private placement, raising about C$40-million to fund exploration at its Nisk nickel/copper/platinum group metals project in Québec.
The offering comprises 14.14-million Québec flow-through shares priced at C$2.83 each, with BMO Capital Markets and Hannam and Partners acting as joint bookrunners, alongside a syndicate of agents.
Power Nickel CEO Terry Lynch reported that prominent investors continued to support the company. “The company is thrilled to announce and appreciates the continued support of Robert Friedland and Rob McEwen among other current shareholders in this placement as it looks forward to the exciting winter 2025 drill programme and the summer 2025 programme. This raise will allow Power Nickel to expand the number of rigs exploring the Nisk project across the already discovered zones such as Nisk and Lion along with the untested EM targets within the project area," he said.
"We cannot wait to see what this year brings and the reception it has received from existing shareholders along with new institutional shareholders both encourages and humbles the entire team. Incredible shareholders expect incredible effort and performance, and we don't take that responsibility lightly.”
Proceeds from the placement will be allocated toward exploration expenditures qualifying as Canadian exploration expenses under the federal Income Tax Act and the Québec Taxation Act. These expenditures will be renounced in favour of investors by December 31, 2025, providing them with tax benefits, including a 20% deduction for Québec tax purposes.
The private placement is expected to close on or about February 27, subject to regulatory approvals, including that of the TSX-V.
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