TORONTO, April 4,
2024 /CNW/ - Power Nickel Inc. (the "Company"
or "Power Nickel") (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt:
IVVI) is pleased to announce that it plans to complete a Private
Placement (the "Offering") for up to 10 Million common
shares of the Company, at a price of $0.20 per share, for gross proceeds of CAD
$2,000,000. The Company has received
conditional TSX Venture Exchange ("TSXV") approval for the
Private Placement.
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"We are pleased to announce we have secured commitments to close
this financing and that closing is expected to take place next
week. These are challenging market conditions but we are making
such great progress we just must keep going. I sincerely believe
this financing will be the last done at these levels and that
junior mining markets are entering a turnaround phase. At Power
Nickel in particular, we have had a series of announcements about
our ongoing exploration programs and their positive results and
expect to report more on that shortly", commented Power Nickel
CEO Terry Lynch.
The financing is non-brokered but certain brokerage fees and /
or finder fees payable in cash and /or finder warrants, may be paid
in accordance with applicable securities law and TSXV policies.
Funds will be used for general corporate purposes and in
particular will fund specific investor communications programs.
In the past twelve months we have spent approximately
$500,000 on awareness and investor
communications programs and have hired Agoracom, The DeeperDive,
Investor Intel, 6ix, Prodoscomi Inc, National Inflation Association
and Proactive Media to provide such services. It is expected that
in 2024 we would have similar or possibly larger budgets for these
services and activities. The relevant agreements will, where
applicable and required by TSXV policies, be filed for TSXV
approval, if the services provided under such agreements constitute
"investor relations activities" under TSXV policies.
About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing
on developing the High-Grade Nisk project into Canada's first Carbon Neutral Nickel mine.
On February 1, 2021, Power Nickel
(then called Chilean Metals) completed the acquisition of its
option to acquire up to 80% of the Nisk project from Critical
Elements Lithium Corp. (CRE: TSXV). Subsequently, Power Nickel has
exercised its option to acquire 50% of the Nisk Project and
delivered notice to Critical Elements that it intends to exercise
its second option to bring its ownership to 80%. The last remaining
commitment to exercise the option was the delivery of a NI-43-101
Technical report which has now occurred.
The Nisk property comprises a significant land position (20
kilometers of strike length) with numerous high-grade intercepts.
Power Nickel is focused on expanding the historical high-grade
nickel-copper PGE mineralization with a series of drill programs
designed to test the initial Nisk discovery zone and to explore the
land package for adjacent potential Nickel deposits.
In addition to the Nisk project, Power Nickel owns significant
land packages in British Colombia
and Chile. Power Nickel is
expected to reorganize these assets in a related vehicle through a
plan of arrangement.
Power Nickel announced on June 8,
2021, that an agreement had been made to complete the 100%
acquisition of its Golden Ivan
project in the heart of the Golden Triangle. The Golden Triangle
has reported mineral resources (past production and current
resources) in 130 million ounces of gold, 800 million ounces of
silver, and 40 billion pounds of copper (Resource World). This
property hosts two known mineral showings (gold ore and Magee) and
a portion of the past-producing Silverado mine, reportedly
exploited between 1921 and 1939. These mineral showings are
Polymetallic veins containing quantities of silver, lead, zinc,
plus/minus gold, and plus/minus copper.
Power Nickel is also 100 percent owner of five properties
comprising over 50,000 acres strategically located in the prolific
iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty
interest on any future production from the Copaquire
copper-molybdenum deposit sold to a subsidiary of Teck Resources
Inc. Under the terms of the sale agreement, Teck has the right to
acquire one-third of the 3-per-cent NSR for $3 million at any time. The Copaquire property
borders Teck's producing Quebrada Blanca copper mine in
Chile's first region.
For further information, readers are encouraged to
contact:
Power Nickel Inc. The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
Cautionary Note Regarding
Forward-Looking Statements
This message contains certain statements that may be deemed
"forward-looking statements" concerning the Company within the
meaning of applicable securities laws. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"potential," "indicates," "opportunity," "possible" and similar
expressions, or that events or conditions "will," "would," "may,"
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward-looking statements. Such material risks and uncertainties
include, but are not limited to, among others, the timing for the
Company to close the private placement or risk that such
transactions do not close at all; raise sufficient capital to fund
its obligations under its property agreements going forward; to
maintain its mineral tenures and concessions in good standing; to
explore and develop its projects; changes in economic conditions or
financial markets; the inherent hazards associates with mineral
exploration and mining operations; future prices of nickel and
other metals; changes in general economic conditions; accuracy of
mineral resource and reserve estimates; the potential for new
discoveries; the ability of the Company to obtain the necessary
permits and consents required to explore, drill and develop the
projects and if accepted, to obtain such licenses and approvals in
a timely fashion relative to the Company's plans and business
objectives for the applicable project; the general ability of the
Company to monetize its mineral resources; and changes in
environmental and other laws or regulations that could have an
impact on the Company's operations, compliance with environmental
laws and regulations, dependence on key management personnel and
general competition in the mining industry.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Power Nickel Inc.