Power Nickel Announces C$3 Million Non- Brokered Private Placement
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POWER NICKEL ANNOUNCES C$3 MILLION NON-
BROKERED PRIVATE PLACEMENT
Toronto, Ontario – October 18th, 2022 – Power Nickel Inc. (the “Company” or “Power
Nickel”) (TSX -V: PNPN , OTCBB: CMETF, Frankfurt : IVVI) is pleased to announce a
proposed non-brokered private placement (the “Private Placement”) of up to 10,000,000 flow-
through units (each, an “FT Unit”) of the Company at a price of $0.20 per FT Unit and up to
10,000,000 non-flow-through units (each, an “NFT Unit”) of the Company at a price $0.10 per
NFT Unit, for aggregate gross proceeds of up to CAD $3,000,000.
Each FT Unit will be composed of one common share of the Company that qualifies as a “flow-
through share” (each, a “FT Share”), for purposes of the Income Tax Act (Canada) (the “ITA”),
and one non-flow-through common share purchase warrant (each, a "Warrant"). Each Warrant
will be exercisable into one non -flow-through common share (each, a “ Common Share”) at
exercise price of $0.20 per Warrant for a period of five years from the date of issuance. Each NFT
Unit will be composed of one Common Share and one Warrant. All securities issued under the
Private Placement will be subject to a four-month and one-day statutory hold period.
The Warrants will be subject to an acceleration clause which entitles the Company to provide
notice (the “Acceleration Notice”) to holders that the Warrants will expire 30 days from the
date the Company provides the Acceleration Notice. The Company can only provide the
Acceleration Notice if the closing price of the Company’s Common Shares on the TSX Venture
Exchange is equal to or greater than $0.40 for 10 consecutive trading days. The Acceleration
Notice can be provided at any time after the statutory hold period and before the expiry date of
the Warrants.
The Company intends to use the gross proceeds from sale of the FT Shares to incur eligible
“Canadian exploration expenses”, within the meaning of the ITA, that will qualify for the federal
30% Critical Mineral Exploration Tax Credit pursuant to the draft legislation released on August 9,
2022. The Company intends to use approximately $800,000 of the proceeds from the sale of the
NFT Units to settle an outstanding debture. The Company intends to use the remainder of the
proceeds from the sale of the NFT Units for general administrative and working capital purposes.
The Private Placement is subject to TSX Venture Exchange approval.
For further information on Power Nickel Inc., please contact:
Mr. Terry Lynch, CEO
(647) 448-8044
For further information, readers are encouraged to contact:
Power Nickel Inc.
The Canadian Venture Building
82 Richmond St East, Suite 202
Toronto, ON
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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 or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain statements that may be deemed “forward -looking statements” with
respect to the Company within the meaning of applicable secu rities laws. Forward-looking statements are
statements that are not historical facts and are generally, but not always, identified by the words “expects”,
“plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential”, “indicates”, “op portunity”,
“possible” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should”
occur. Although the Company believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future performance, are subject
to risks and uncertainties, and actual results or realities may differ materially from those in the forward -
looking statements. Such material risks and uncertainties include, but are no t limited to, the Company’s
ability to raise sufficient capital to fund its planned activities at the NISK Property and for general working
capital purposes; the timing for proposed closing of the Private Placement; the timing and costs of future
activities on the Company’s properties, including preparing the Amended Technical Report; maintaining its
mineral tenures and concessions in good standing; changes in economic conditions or financial markets;
the inherent hazards associates with mineral exploration and mining operations ; future prices of metals ;
changes in general economic conditions; accuracy of mineral resource and reserve estimates; the potential
for new discoveries; the ability of the Company to obtain the necessary permits and consents required to
explore, drill and develop the projects and if obtained, to obtain such permits and consents in a timely
fashion relative to the Company’s plans and business object ives for the projects; the general ability of the
Company to monetize its mineral resources; and changes in environmental and other laws or regulations
that could have an impact on the Company’s operations, compliance with environmental laws and
regulations, dependence on key management personnel and general competition in the mining industry.
Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company’s
management on the date the statements are made. Except as requ ired by law, the Company undertakes
no obligation to update these forward-looking statements in the event that management’s beliefs, estimates
or opinions, or other factors, should change.