Tartisan Nickel Corp (CSE:TN) (OTCPINK:TTSRF) announced it has closed the first tranche of a C$4.5 million flow-through financing, which was comprised of 3,336,797 company units, at a price of $0.57 per unit, for total proceeds of about C$1.9 million.
The company said proceeds from the financing will be used to fund the exploration and development of its flagship Kenbridge nickel project in north-western Ontario.
Each unit of the financing consists of one flow-through share plus one-half of one warrant, with each full warrant entitling the holder to acquire one additional company common share at a price of $0.85 per warrant share for a period of two years from the closing date.
READ: Tartisan Nickel files updated mineral resource for Kenbridge project showing good potential for expansion
Tartisan noted the second tranche of C$2.6 million is scheduled to close on or about June 18, 2021.
It added that a finder's commission of 6% cash and 6% brokers' warrants will be paid to eligible agents.
As well, Tartisan said it has begun a work program for its Kenbridge project, which will include surface exploration, geotechnical, metallurgical and environmental work, with the intention of carrying out a summer 2021 drill program.
Tartisan Nickel is a Canadian mineral exploration and development company that owns the Kenbridge nickel project in northwestern Ontario, the Sill Lake silver property near Sault Ste. Marie, Ontario, as well as the Don Pancho manganese-zinc-lead-silver project in Peru.
A 2020 resource update at Kenbridge showed a Measured & Indicated resource of 7.5 million tonnes (Mt) of 0.58% nickel and 0.32% copper for a total of 95 million pounds of contained nickel, along with an Inferred resource of 0.985 Mt of 1% nickel and 0.62% copper, for 22 million pounds of contained nickel.
Contact Sean at sean@proactiveinvestors.com