Nickel North Exploration Corp (TSX-V:NNX) has revealed a change to the price of its non-brokered flow-through (FT) private placement, previously announced on May 26, 2022, and said it will now offer up to 6,000,000 FT units at a price of $0.05 each for gross proceeds of up to $300,000.
When announced on May 26, the non-brokered private placement offering was for up to 2,666,666 FT units at $0.075 each for gross proceeds of up to $200,000.
Proceeds from the issuance of the FT units will be used for field exploration programs on the Hawk Ridge Ni-Cu-PGE-Co project in 2022.
READ: Nickel North Exploration reveals big increase in inferred resource for its Hawk Ridge nickel-cobalt-PGE sulphide project in Québec
Each FT unit in the private placement will consist of one share and one non-transferable share purchase warrant. Each whole FT warrant will entitle the holder to purchase one share at $0.075 each. The FT warrants will have an expiry date of two years from the date of issuance, subject to acceleration.
The FT warrants shall be callable by the company should the daily volume-weighted average trading price of the common shares of the company on the exchange equal or exceed $0.20 for a period of five consecutive trading days, at any time during the period beginning on the date that is one month from the closing date of the FT private placement, and ending on the date the FT warrants expire.
Following an FT call trigger, the company may give notice by way of a news release to the holders of FT warrants that any that remain unexercised by the holder shall expire 30 days following the date on which the FT call notice is given.
The FT private placement is subject to regulatory approval. All securities to be issued are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A finder's fee commensurate with regulatory policies may be paid if applicable.
The Hawk Ridge project is situated along the world-famous Thompson Nickel belt in Quebec and Hawk Ridge is located between the Raglan (Glencore) and the Voisey Bay project (VALE), both are two of the largest nickel mines in the world with over 40,000 tonnes of nickel produced annually.
The project is supported by local infrastructure with deep water port, a mining-friendly Quebec province and Aupaluk Village and airport. The property consists of a 50 kilometer (km) long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 173 square km and is located near tidewater.
Nickel North Exploration's board of directors, advisor committee and management team are experienced, successful mine finders.
The company has been identified as a key player in the Critical and Strategic Minerals value chain by Québec's Ministry of Economics and Innovation (MEI) in 2021 (Québec Plan for the Development of Critical and Strategic Minerals 2020-2025, which is part of Québec's Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.
Contact the author at jon.hopkins@proactiveinvestors.com