Fathom Nickel Inc (CSE:FNI, OTCQB:FNICF) announced plans to raise up to $750,000 for exploration at its Gochager Lake project.
It will issue units that each will consist of one common share and one-half of a transferable common share purchase warrant, with the warrants allowing holders to acquire an additional common share at an exercise price of $0.07 for a period of 36 months.
The offering is anticipated to be conducted on a non-brokered basis. Under the proposed terms, the units will be offered at an expected price of $0.03 each, subject to market conditions and demand.
The gross proceeds from the offering are earmarked for exploration expenses related to Fathom's Gochager Lake Project in Saskatchewan, along with general corporate purposes.
The private placement is projected to close on or around November 14, 2024, or on such other date as the company may decide.