Pure Nickel Announces Proposed Private Placement of Units
Pure Nickel Announces Proposed Private Placement of
Units
Toronto, Ontario--(Newsfile Corp. - September 11, 2019) -
Pure Nickel Inc. (TSXV: NIC) (the "Company" or "Pure Nickel")
announces that it plans to raise up to $500,000 in a non-brokered private placement financing (the "Offering"). The Offering
consists of up to 10,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $500,000. Each Unit consists
of one common share ("Common Share") and one-half of one Common Share purchase warrant ("Warrant"), each Warrant
entitling the holder to purchase one additional Common Share at an exercise price of $0.12 for a period of two years after
closing.
All securities issued in conjunction with the Offering are subject to a statutory four month hold period from the date of issue. No
commissions, broker fees or finders' fees will be paid in conjunction with the closing of the Offering. Proceeds from the Offering
will be used for advancement of exploration plans for the Company's Neal Idaho Project and, following the proposed merger with
Explor Resources Inc. (see press release dated August 22, 2019), the Timmins Porcupine West Project in Ontario.
The CEO of the Company will be participating in the Offering for a total of 2,000,000 Units. The participation by the CEO is
deemed to be a "related party transaction" as defined under Multilateral Instrument 61-101-
Protection of Minority Security
Holders in Special Transactions
("MI 61-101"). The Offering is exempt from the formal valuation and minority shareholder
approval requirements of MI 61-101 (pursuant to subsections 5.5(a) and 5.7(a)) as the fair market value of the Units distributed
to, nor the consideration received from, interested parties exceeded 25% of the Company's market capitalization.
About Pure Nickel
Since the start of 2019, Pure Nickel has made strategic steps to expand its focus to include gold and silver exploration. The
Company announced a proposed merger with Explor Resources Inc., on August 22, 2019. Upon completion of the merger, the
Company will have two advanced staged gold exploration projects - its partnership with Eric Sprott on the Neal Project in Idaho
and the Timmins Porcupine West Project in Ontario. Both exploration projects are expected to continue to return positive
exploration results and hold the potential to be advanced to production.
FOR FURTHER INFORMATION:
Pure Nickel Inc.
R. David Russell
Chairman and CEO
T. (416) 644-0066
www.purenickel.com
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and
uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations,
plans, and objectives of Pure Nickel are forward-looking statements that involve various risks. The following are important factors
that could cause Pure Nickel's actual results to differ materially from those expressed or implied by such forward-looking
statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration
activities and cash flows, and the uncertainty of access to additional capital. There can be no assurance that forward-looking
statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such
statements. Pure Nickel undertakes no obligation to update such forward-looking statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/47734