Nickel North Announces Update to Flow Through Private Placement
Nickel North Announces Update to Flow
Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - July 19, 2022) - Nickel North Exploration Corp. (TSXV:
NNX) (the "Company" or "Nickel North") wishes to change the price of the announced non-brokered flow
through private placement (the "FT Private Placement") previously announced on May 26, 2022. It will
offer of up to 6,000,000 flow through units (the "FT Units") at $0.05 per FT Unit for gross proceeds of up
to $300,000.
Each FT Unit will consist of one Share and one non-transferable share purchase warrant (the "FT
Warrants"). Each whole FT Warrant will entitle the holder to purchase one Share at $0.075 per Share.
The FT Warrants will have an expiry date of two years from the date of issuance, subject to acceleration
described as follows:
The FT Warrants shall be callable by the Company should the daily volume-weighted average trading
price of the common shares of the Company on the Exchange equal or exceed $0.20 for a period of five
(5) consecutive trading days, at any time during the period (i) beginning on the date that is one (1) month
from the closing date of the FT Private Placement, and (ii) ending on the date the FT Warrants expire
("FT Call Trigger"). Following a FT Call Trigger, the Company may give notice by way of a news release
("FT Call Notice") to the holders of FT Warrants that any FT Warrant that remains unexercised by the
holder thereof shall expire thirty (30) days following the date on which the FT Call Notice is given.
The FT Private Placement is subject to regulatory approval. All securities to be issued pursuant to the FT
Private Placement are subject to a four-month hold period under applicable Canadian securities laws.
All funds are denominated in Canadian dollars. A finder's fee commensurate with regulatory policies
may be paid if applicable.
Proceeds from the issuance of the FT Units will be used for field exploration programs on the Hawk
Ridge Ni-Cu-PGE-Co project in 2022.
About
Hawk Ridge Ni-Cu-PGE Co Project, Quebec
The Hawk Ridge project is a 100% owned project spanning 173km with a 50km long belt with a total
Inferred Mineral Resources for four mineralized deposits (Hope Advance Main (HAM), Hope Advance
North (HAN), Gamma and Falco 7) recently updated to 34.66 Mt at 0.22%, 0.56% Cu, 0.013% Co, 0.19
g/t Pd, 0.05 g/t Pt and 0.025 g/t Au which includes both Pit-Constrained Inferred Mineral Resources at a
CDN$35/t NSR cut-off 29.44 Mt at 0.20% Ni, 0.52% Cu, 0.012% Co, 0.19 g/t Pd, 0.04 g/t Pt and 0.021
g/t Au, which equates to 0.56% NiEq and Out-Of-Pit (Underground) Inferred Mineral Resources at a
CDN$100/t NSR cut-off are estimated at 5.22 Mt at average grades of 0.35% Ni, 0.79% Cu, 0.014%
Co, 0.23 g/t Pd, 0.06 g/t Pt, and 0.04 g/t Au, which equates up to 0.88% NiEq.
The project is situated along the world famous Thompson Nickel belt in Quebec and Hawk Ridge is
located between the Raglan (Glencore) and the Voisey Bay project (VALE), both are two of the largest
nickel mines in the world with over 40,000 tonnes of nickel produced annually.
The project is supported by local infrastructure
with deep water port, a mining friendly Quebec province
and Aupaluk Village and airport.
Qualified Person
The technical information in this news release has been reviewed and approved by Tony Guo, P.Geo.,
Nickel North Exploration Corp's President and CEO, who is a Qualified Person as defined by National
Instrument 43-101.
About Nickel North Exploration
Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE
mineral resource at its Hawk Ridge Project in Northern Québec. The board of directors, advisor
committee and management team are experienced, successful mine finders. The property consists of a
50 km long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 173 km
2
. The project is
located near tidewater. Québec is a mining friendly jurisdiction. Nickel North Exploration is a
conscientious corporate citizen maintains good relations with local Inuit communities and is committed
to sustainable development. For more information on the company, please visit
www.nnexploration.com
.
Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals
value chain by Québec's Ministry of Economics and Innovation (MEI) in 2021 (
Québec Plan for the
Development of Critical and Strategic Minerals 2020-2025
(quebec.ca), which is part of Québec's Plan
for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration
and mining of SCMs, their transformation and recycling.
NICKEL NORTH EXPLORATION
Per:
"Tony Guo"
Tony Guo
Nickel North Exploration Inc.
Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480)
E-mail:
North America IR / PR
Jemini Capital
Jorge Galindo
Tel: +1
(647) 725-3888
x703
For further information please visit
http://www.nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other factors that could cause actual
events, results, performance, prospects and opportunities to differ materially from those expressed or
implied by such forward-looking information. Forward-looking information in this news release may
include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause
actual results to differ materially from such forward-looking information include, but are not limited to,
those risks set out in the Company's public documents filed on SEDAR. Although the Company believes
that the assumptions and factors used in preparing the forward-looking information in this news release
are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-
looking information, whether as a result of new information, future events or otherwise, other than as
required by law. Neither TSX Venture exchange nor its Regulations Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
The securities being offered have not been, nor will they be registered under the United States
Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the
United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state
registration or an applicable exemption from the U.S. registration requirements. This release does not
constitute an offer for sale of securities in the United States.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/131251