Nickelex Applies to Extend Closing of Non- Brokered Private Placement
Nickelex Applies to Extend Closing of Non-
Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2023) -
Nickelex Resource Corporation
(TSXV: NICK) ("Nickelex" or the "Company")
reports that the Company has requested a 30-day
extension, subject to TSX Venture Exchange approval, to close the previously announced non-brokered
private placement.
The Company will issue up to 11,000,000 units in a flow-through private placement at a price of $0.05
per unit ("FT Unit") to raise $550,000, and issue up to 20,000,000 units in a non-flow-through private
placement at a price of $0.025 per unit ("NFT Unit") to raise $500,000 (combined, the "Offering"). Each
FT Unit will consist of one flow-through common share and one share purchase warrant (a "Warrant").
Each NFT Unit will consist of one non-flow-through common share and one Warrant. Each Warrant in the
Offering will be exercisable to purchase one non-flow-through common share at an exercise price of
$0.05 for a period of three years from the date of issue. Finders' fees and commissions may be paid by
Nickelex in relation to this issuance.
Net proceeds from the Offering will be used for working capital and to fund costs associated with the
initial phase of exploration consisting of detailed ground geophysics (MAG/VTEM) to refine 10-12 drill
targets on the Strong Project.
The Strong Project consists of four Mineral Exploration Licenses ("MEL"):
the Strong, Strong Extension, Moak North and Wilson MELs. These MELs cover an area of 30,283
hectares, located at the north end of the Thompson Nickel Belt, Manitoba ("TNB") and cover rock
lithologies similar to host rocks of other major nickel deposits in the TNB. The Company signed a
property option agreement with CanAlaska Uranium Ltd. to earn up to an 80% interest in the Strong
Project (see news release dated October 17, 2023). The property option agreement is subject to TSX
Venture Exchange acceptance.
Based on successfully completing the Offering, the Company plans to spend approximately $550,000 in
exploration expenditures on the Strong Project and allocate $500,000 to general working capital; the
allocation includes approximately $1,800 per month to non-arm's length parties for provision of
accounting and administrative services and also includes amounts to Manex Resource Group Inc.
("Manex") for the provision of office space ($5,000 monthly) as well as corporate, geological, accounting
and administrative services (approximately $7,750 monthly). Killian Ruby, director of the Company, is the
President of Manex. No amounts are proposed to be spent on investor relations activities.
The securities issued under this Offering will be subject to a hold period of four months and one day from
issuance. The Offering and payment of finder's fees is subject to TSX Venture Exchange acceptance.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States of America. The securities have not been and will not be registered under
the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be
offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered
under the 1933 Act and applicable state securities laws, or an exemption from such registration is
available.
On behalf of the Board of Directors,
"John Kerr"
John Kerr, President, Nickelex Resource Corporation
For further information, please visit Nickelex's website at
www.nickelexresource.com
or contact us at
604.641.2759 or by email at
.
Neither 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 or accuracy of this release.
This news release may contain forward-looking statements including but not limited to comments regarding the completion of the Offering and the
completion of the property transaction, the timing and content of upcoming work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks
and uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are based on a
number of assumptions, including, but not limited to, assumptions regarding general economic conditions, interest rates, commodity markets,
regulatory and governmental approvals for Nickelex Resource Corporation's projects, and the availability of financing for Nickelex Resource
Corporation's projects on reasonable terms. Factors that could cause actual results to differ materially from those in forward looking statements
include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued
availability of capital and financing and general economic, market or business conditions. Nickelex Resource Corporation does not assume any
obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except to the
extent required by applicable law.
This news release is not intended for distribution to United States newswire services or
dissemination in the United States
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/190160