Nickel North Closes Final Tranche of Private Placement and Announces a New Flow Through Private Placement
Nickel North Closes Final Tranche of Private
Placement and Announces a New Flow
Through Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 26, 2022) - Nickel North Exploration Corp. (TSXV:
NNX) (the "Company" or "Nickel North") is pleased to announce that, further to the news release of April
20, 2022, it has closed the second and final tranche (the "Final Tranche") in the amount of $37,500 of the
private placement (the "Private Placement") previously announced on April 5, 2022.
In this Final Tranche,
the Company issued 750,000 units (each an "Unit") at $0.05 per Unit. Each Unit comprised of one
common shares in the capital of the company (a "Share") and one full common share purchase warrant
(a "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, subject to acceleration described as follows:
If on any five (5) consecutive days on which the TSX Venture Exchange (the "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.
All Securities of the Company issued pursuant to the closing of the Final Tranche are subject to a four-
month hold period.
Non-Brokered Flow Through Private Placement
The Company also wishes to announce a new non-brokered private placement (the "FT Private
Placement") offering of up to 2,666,666 flow through units (the "FT Units") at $0.075 per FT Unit for
gross proceeds of up to $200,000.
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 $0.10 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.
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/125505