Tartisan Nickel Corp (CSE:TN) (OTCPINK:TTSRF) said it has closed the second tranche of its C$4.5 million flow-through financing, which was comprised of 4,526,400 flow-through company units at a price of $0.57 per unit, for total proceeds of $2,580,048.
The company said proceeds from the financing will be used to fund the exploration and development of its flagship Kenbridge nickel project in northwestern 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. Tartisan noted that a finder's commission of 6% cash and 6% brokers' warrants will be paid to eligible agents.
READ: Tartisan Nickel files updated mineral resource for Kenbridge project showing good potential for expansion
The company pointed out that it has begun its work program on the Kenbridge project, which will include surface exploration, geotechnical, metallurgical, and environmental work, as well as 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.
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