Power Nickel Inc (TSX-V:PNPN) is launching a C$2.25 million equity raise, via a private placement, to support progress at its NISK property located in Quebec.
The company, in a statement, said it intended to issue 4.5 million flow-through shares priced at 50 cents each.
Proceeds are earmarked for exploration activities at NISK that are deemed to be eligible for Canadian exploration expenses, and, therefore, qualify for a federal 30% critical mineral exploration tax credit.
The company told investors that subscription forms have been signed, and, it expects to close the deal in early August.