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TORONTO, April 24,
2023 /CNW/ - Nickel Creek Platinum Corp. (TSX: NCP)
("Nickel Creek" or the "Company") is pleased to
announce that it intends to raise capital by way of a non-brokered
private placement for aggregate gross proceeds to the Company of up
to approximately $1.8 million (the
"Private Placement"). The Private Placement will
consist of the sale of units (the "Units") of the Company at
a price of $0.045 per Unit. Each Unit
will consist of one common share of the capital of the Company
(each, a "Common Share") and one-half of one common share
purchase warrant (each whole common share purchase warrant, a
"Warrant"), with each Warrant exercisable for one Common
Share (each, a "Warrant Share") at an exercise price of
$0.08 for a period of three (3) years
from the date of issuance, subject to adjustment upon certain
customary events.
The net proceeds from the Private Placement will be used to fund
the Company's completion of the Prefeasibility Study
("PFS"), ongoing permitting activities and holding costs at
its 100%-owned Nickel Shäw Project, and for general corporate
expenses and working capital purposes.
In connection with the Private Placement, the Company's largest
shareholder, Electrum Strategic Opportunities Fund L.P.
("Electrum"), has indicated its intention to backstop up to
$1.25 million of the Private
Placement, subject to customary conditions and otherwise on the
same terms as the Private Placement.
Stuart Harshaw, President and
Chief Executive Officer of Nickel Creek, commented: "Nickel Creek
is fortunate to have the continued support of Electrum
demonstrating the endorsement for the Company's plans going
forward."
The closing of the Private Placement is expected to occur on or
around May 15, 2023 and remains
subject to the approval of the Toronto Stock Exchange and other
customary closing conditions for a transaction of this nature. The
Units will be issued on a private placement basis pursuant to
exemptions from prospectus requirements under applicable securities
laws. The Common Shares and the Warrants (and any Warrant Shares,
as applicable) will be subject to a statutory hold period of four
months and one day from the date of issuance of the Units.
Pursuant to Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI
61-101"), the Private Placement would constitute a "related
party transaction" as Electrum (and certain other insiders of the
Company) will subscribe for Units. These transactions will be
exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101, as the fair market value of any Units
subscribed for by insiders pursuant to the Private Placement will
not exceed 25% of the Company's market capitalization.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities in the United States nor shall there be any sale
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "1933 Act"), or any state
securities laws and may not be offered or sold in the United States unless registered under the
1933 Act and any applicable securities laws of any state of
the United States or an applicable
exemption from the registration requirements is available.
About Nickel Creek Platinum
Corp.
Nickel Creek Platinum Corp. (TSX: NCP) (OTCQB: NCPCF) is a
Canadian mining exploration and development company and its
flagship asset is its 100%-owned Nickel Shäw Project. The Nickel
Shäw Project is a large undeveloped nickel sulphide project in one
of the most favourable jurisdictions in the world, with a unique
mix of metals including copper, cobalt and platinum group metals.
The Nickel Shäw Project has exceptional access to infrastructure,
located three hours west of Whitehorse via the paved Alaska Highway, which further offers
year-round access to deep-sea shipping ports in southern
Alaska.
The Company is led by a management team with a proven track
record of successful discovery, development, financing and
operation of large-scale projects. Our vision is to create value
for our shareholders by becoming a leading North American nickel,
copper, cobalt and PGM producer.
Cautionary Note Regarding
Forward-Looking Information
This news release includes certain information that may be
deemed "forward-looking information". Forward-looking information
can generally be identified by the use of forward-looking
terminology such as "may", "will", "expect", "intend", "believe",
"continue", "plans" or similar terminology, or negative
connotations thereof. All information in this release, other than
information of historical facts, including, without limitation,
statements relating to the Private Placement, the timing of closing
of the Private Placement, insider participation in the Private
Placement, completion of the PFS, and general future plans and
objectives for the Company and the Nickel Shäw Project, are
forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking information.
For more information on the Company and the key assumptions,
risks and challenges with respect to the forward-looking
information discussed herein, and about our business in general,
investors should review the Company's most recently filed annual
information form, and other continuous disclosure filings which are
available at www.sedar.com. Readers are cautioned not to place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
SOURCE Nickel Creek Platinum Corp.