Flying Nickel Closes 2 nd Tranche of Non-Brokered Private Placement Raising Gross Proceeds of $58,000 and Appoints Chief Legal Officer
Flying Nickel Closes 2 nd Tranche of Non-Brokered Private
Placement Raising Gross Proceeds of $58,000 and Appoints
Chief Legal Officer
VANCOUVER, British Columbia, October 7, 2024 – Flying Nickel Mining Corp. (TSX-V: FLYN;
OTCQB: FLYNF) (“ Flying Nickel” or the “ Company ”) announces that, further to its news release
dated August 30, 2024, and September 25, 2024, it h as closed the second tranche of its non-
brokered private placement offering (the “ Private Placement ”) raising gross proceeds of $58,000
through the issuance of 1,160,000 units (the “ Units ”) at a price of $0.05 per Unit.
Each Unit consists of one common share of the Company (“ Share ”) and one share purchase warrant
with each warrant (the “ Warrant ”) entitling the holder to purchase one additional Share at a price of
$0.06 per Share for a period of three years from issuance.
The securities issued in connection with the Privat e Placement will be subject to a regulatory hold
period and cannot be traded until January 28, 2025.
Proceeds of the Private Placement are expected to b e used for general working capital and
administrative purposes.
No finder’s fee was paid in connection with the second tranche of the Private Placement.
John Lee, CEO and a Director of the Company, subscribed for 800,000 Units for gross proceeds of
$40,000. The issuance of Units to Mr. Lee pursuant to the Private Placement is considered a related
party transaction within the meaning of Multilatera l Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions (“ MI 61-101 ”). The Company relies on exemptions from
the formal valuation and minority shareholder approval requirements provided under sections 5.5(a)
and 5.7(a) of MI 61-101 on the basis that participation in the Private Placement by insiders will not
exceed 25% of the fair market value of the Company’s market capitalization. The Company will file
a material change report in respect of the related party transactions in connection with the Private
Placement.
The Company is also pleased to announce the appointment of Alex Bayer as its Chief Legal Officer,
to lead all legal matters for the Company, effective as of October 2, 2024.
Alex is a seasoned corporate securities lawyer with over 15 years of experience, specializing in the
mining sector. He has extensive expertise in advis ing mining companies on a wide range of
matters, including public and private financings, mergers and acquisitions, regulatory compliance,
and corporate governance. Known for a deep understa nding of securities laws and the unique
challenges of the mining industry, Alex has success fully guided companies through complex
transactions and strategic initiatives, including b ringing mines into commercial production, while
ensuring legal and regulatory requirements are met.
The Company further announces that its board of dir ectors has approved the grant of incentive
stock options (the "Options ") to Mr. Bayer to acquire a total of 200,000 commo n shares in the
capital of the Company at an exercise price of $0.0 55. All Options were granted pursuant to the
Company's 10% rolling stock option plan (the "Plan ") and are subject to the terms of the Plan, the
applicable grant agreements and the requirements of the TSX-V. The Options are exercisable for
a five-year term expiring October 2, 2029. The Opti ons will vest at 12.5% per quarter for the first
two years following the grant date starting on January 2, 2025.
Mr. Bayer has agreed to accrue $1,250 of his monthl y consulting fee, which accrual shall convert
into common shares of the Company at a deemed price equal to the Maximum Discounted Market
Price (as such term is defined in Policy 1.1 of the TSX Venture Exchange), up to a maximum
discount of 25% (the “ Conversion ”). The Company shall have the option to pay any a ccrued
amounts in cash at its sole discretion. The Conver sion is subject to TSX Venture Exchange
Approval.
Mr. Bayer’s engagement as Chief Legal Officer is th rough his consulting company, Bayer Law
Corporation.
The Company also appoints Sara Knappe as Corporate Secretary to replace Ms. Marion McGrath.
The Company would like to thank Ms. McGrath for her valuable contributions during her tenure with
the Company.
About Flying Nickel Mining Corp.
Flying Nickel is an exploration-stage mining company focused on vanadium and nickel resources.
The Company owns a 100% interest in the Gibellini vanadium project in Nevada, United States and
a 100% interest in the Minago nickel project in the Thompson nickel belt in Manitoba, Canada.
Further information on Flying Nickel can be found at www.flynickel.com .
FLYING NICKEL MINING CORP.
ON BEHALF OF THE BOARD
John Lee
Chief Executive Officer
For more information about Flying Nickel, please contact:
Suite 1610 – 409 Granville Street
Vancouver, BC V6C 1T2
Phone: 1.877.664.2535 / 1.877.6NICKEL
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.