Power Nickel Inc (TSX-V:PNPN) has announced a proposed private placement of $2.75 million to advance exploration at its flagship Nisk nickel and platinum group metals (PGM) project in Quebec.
The junior exploration company said the offering will be comprised of four million flow-through (FT) units, at a price of $0.50 per FT unit, plus up to three million non-flow-through (NFT) units at a price of $0.25 per NFT unit.
Power Nickel expects to close the private placement in the coming days.
"These funds will see us able to release our NI 43-101 report in November and continue our exploration and drilling program into Q1 of 2024," Power Nickel CEO Terry Lynch said in a statement.
"In particular we are most encouraged by the new data we are receiving from our Ambient Noise Tomography program and in particular want to follow up on the multiple new drilling targets this has identified," he added.
Power Nickel noted the initial Ambient Noise Tomography (ANT) data collected suggest further resource expansion potential at Nisk Main in addition to highlighting the presence of two unexplored nickel-sulphides targets north and east of the Nisk Main.
As well, Lynch stated the drill core looks promising and assays are expected soon.
Power Nickel is a Canadian junior exploration company focusing on developing the high-grade Nisk project into Canada's first carbon-neutral nickel mine.
In addition to the Nisk project, the company owns significant land packages in British Colombia and Chile.
Contact Sean at sean@proactiveinvestors.com