Nickel North Exploration Corp. – a Canada-based exploration company- has announced the closing of the first tranche $470,500 of the $1,000,000 private placement previously announced on April 5th, 2022. The Company issued 9,410,000 units (each an “Unit”) at $0.05 per Unit in the First Tranche. Each Unit comprised of one common shares in the capital of the company and one full common share purchase warrant. Each full warrant shall be exercisable into one Share at an exercise price of $0.075 for 2 years from the date of issuance date.
If on any five consecutive days on which the TSX Venture Exchange is open for trading (each a “Trading Day”) occurring after one month has elapsed following the date of issuance of this Warrant, the closing sales price of the Shares (or the closing bid, if no sales were reported on a Trading Day) as quoted on the Exchange (or if the Shares are not listed on the Exchange, such stock exchange, quotation system or market on which such shares are listed) is greater than $0.20, the Company may accelerate the expiry date of the Warrants to the 30th day after the date on which the Company gives notice to the holders of the Warrants by way of a news release.
Dr. Tony Guo, CEO and President to the Company, comments, “We had seen good interest in the entire battery metals space especially nickel in recent months. Nickel is truly one of the most critical elements in the EV and energy storage narrative today especially with the dominant switch to electrification. Hawk Ridge, our flagship asset, will benefit tremendously from support by Quebec government and Federal government in battery plants and considerations for critical element grants. Lastly, being in Quebec and between two of the world’s largest nickel producing assets in Raglan owned by Glencore and Voisey Bay owned by Vale, amidst the Circum-Superior belt, we are anxious to finally have working capital to generate next catalysts for Nickel North stakeholders.”
Use of Proceeds on the current financing will be used for field exploration programs on the Hawk Ridge Ni-Cu-PGE-Co project, updating previous NI 43-101 resource estimate and historical reserves to the current 43-101 compliant resources, and general working capital.