EV Nickel Closes Oversubscribed Private Placement of $2.2M
EV Nickel Closes Oversubscribed Private
Placement of $2.2M
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA OR TO US WIRE
SERVICES
TORONTO, ON / July 7, 2022 / EV Nickel Inc. (TSXV:EVNI) ("EVNi" or the "Company")
announces that it has closed the oversubscribed, non-brokered, private placement financing (the
"Offering") (see news releases dated June 15, 2022 and June 27, 2022) for gross proceeds of
C$2,206,831.
Pursuant to the Offering, the Company issued (i) 7,826,841 flow-through units of the Company
(each, a "FT Unit") at a price of C$0.18 per Unit for gross proceeds of C$1,408,831 ; (ii)
3,325,000 FT Units to be sold to charitable purchasers (each, a "Charity FT Unit") at a price of
C$0.24 per Charity FT Unit for gross proceeds of C$2,206,831.
"The Company is pleased to close this oversubscribed financing. We are grateful for the
continued support from our existing shareholders and welcome our new ones," stated Sean
Samson, President and CEO of EV Nickel. "With the financing complete, we are well positioned
to continue our strategy combining the High-Grade mineralization like we have at W4 and has
been historically mined across the Shaw Dome with the enormous potential of the Large-Scale
mineralization we now hope to prove out in Phase 3- bringing it all together to create a Clean
Nickel business."
Each FT Unit and Charity FT Unit consists of one common share of the Company, issued as a
"flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share")
and one half of one common share purchase warrant (each whole warrant, a "Warrant"). Each
Warrant entitles the holder thereof to purchase one common share of the Company (each, a
"Warrant Share") at a price of C$0.25 for a period of 24 months following the date hereof.
The Company intends to use the net proceeds raised from the Offering for the exploration of the
Company's Shaw Dome Project located south of Timmins in Ontario. Proceeds from the sale of
FT Shares will be used to incur "Canadian exploration expenses" as defined in subsection
66.1(6) of the Income Tax Act and "flow through mining expenditures" as defined in subsection
127(9) of the Income Tax Act. Such proceeds will be renounced to the subscribers with an
effective date not later than December 31, 2022, in the aggregate amount of not less than the
total amount of gross proceeds raised from the issue of FT Shares. The FT Shares and Warrant
Shares are subject to a hold period expiring four months and one day from their date of issuance.
In connection with the Offering, the Company paid finder's fees on portions of the Offering.
These finder's fees totalled C$152,378 in cash and 536,212 warrants in the Company ("Finder's
Warrants") exercisable at any time from the Closing Date to the day prior to the date that is 24
months following the date hereof to acquire common shares in the Company at an exercise price
equal to C$0.16 per common share. Red Cloud Securities Inc. and PowerOne Capital Markets
Limited acted as finders in connection with the Offering.
About EV Nickel Inc.
EV Nickel's mission is to accelerate the transition to clean energy. It is a Canadian nickel
exploration company, focussed on the Shaw Dome area, south of Timmins, Ontario. In addition
to extensive historic production, the Shaw Dome area is home to the Langmuir W4 Zone, the
basis of a 2010 historical estimate of 677K tonnes @ 1.00% Ni, ~15M lbs of Class 1 Nickel. EV
Nickel plans to grow and advance a Clean Nickel TM business, targeting the growing demand for
Class 1 Nickel from the electric vehicle battery sector. EV Nickel has more than 30,000 hectares
to explore and has identified more than 100km of favourable strike length.
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking information. Such forward-looking statements or
information are provided for the purpose of providing information about management's current
expectations and plans relating to the future. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. Any such forward-looking information
may be identified by words such as "proposed", "expects", "intends", "may", "will", and similar
expressions. Forward-looking statements or information are based on a number of factors and
assumptions which have been used to develop such statements and information, but which may
prove to be incorrect. Although EV Nickel believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue reliance should not be placed
on forward-looking statements because the Company can give no assurance that such
expectations will prove to be correct. Factors that could cause actual results to differ materially
from those described in such forward-looking information include, but are not limited to,
changes in business plans and strategies, market conditions, share price, best use of available
cash, the ability of the Company to raise sufficient capital to fund its obligations under various
contractual arrangements, to maintain its mineral tenures and concessions in good standing, and
to explore and develop its projects and for general working capital purposes, changes in
economic conditions or financial markets, the inherent hazards associated with mineral
exploration, future prices of metals and other commodities, environmental challenges and risks,
the Company's ability to obtain the necessary permits and consents required to explore, drill and
develop its projects and if obtained, to obtain such permits and consents in a timely fashion
relative to the Company's plans and business objectives, changes in environmental and other
laws or regulations that could have an impact on the Company's operations, compliance with
such laws and regulations, the Company's ability to obtain required shareholder or regulatory
approvals, dependence on key management personnel, natural disasters and global pandemics,
including COVID-19 and general competition in the mining industry. These risks, as well as
others, could cause actual results and events to vary significantly. The forward-looking
information in this press release reflects the current expectations, assumptions and/or beliefs of
EV Nickel based on information currently available to the Company. Any forward-looking
information speaks only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new information, future events or results or
expressly qualified by this cautionary statement.
Contact Information
For further information, visit www.evnickel.com
Or contact: Sean Samson, Chief Executive Officer at [email protected].
EV Nickel Inc.
200 - 150 King St. W,
Toronto, ON M5H 1J9
www.evnickel.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this
release.
SOURCE: EV Nickel Inc.