Power Nickel Inc (TSX-V:PNPN) has closed an oversubscribed private placement, raising close to $2.4 million.
The firm issued 11,889,875 at $0.20 per share for total proceeds of $2,377,975.
All four of its directors participated in the private placement for aggregate investment of $333,125, a statement noted.
Proceeds of the placement will be used for general corporate purposes, it added.