Tartisan Nickel Corp. (CSE:TN, OTCQX:TTSRF) announced that it has closed a private placement of nearly $1.8 million to fund exploration at its Kenbridge nickel project in Ontario.
The junior exploration company raised $1,797,000.00 via a flow-through financing comprised of 5,615,625 flow-through units at a price of $0.32 per unit.
Each unit was comprised of one flow-through share and one-half of one warrant, with each warrant entitling the holder to acquire one additional share exercisable at a price of $0.70 for a period of 18 months from the closing date.
READ: Tartisan Nickel files preliminary economic assessment of the Kenbridge Nickel Project in northwestern Ontario
Tartisan said that the proceeds from the flow-through financing are being used to fund the exploration, development, advancement and feasibility of Kenbridge, a nickel project located in Atikwa Lake Area, Kenora mining district, Ontario.
A June 2022 preliminary economic assessment indicated a nine-year mine plan based on a 1,500 tonne per day (tpd) underground mining and processing operation, which would have the capacity and could potentially accelerate to 2,000 tpd.
Measured and indicated mineral resources represent 3,445,000 tonnes at 0.97% nickel, 0.52% copper and 0.013% cobalt (74 million pounds nickel, 39.1 million pounds copper), while inferred mineral resources represent 1,014,000 tonnes at 1.47% nickel, 0.67% copper and 0.011% cobalt (32.7 million pounds nickel, 14.9 million pounds copper).
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