Fathom Nickel (CSE:FNI) has raised C$4 million ($4.105 million) through a private placement to fund exploration and development costs at its portfolio of assets in Saskatchewan, Canada.
The company will issue 24.97 million non-flow through units at C$0.031 for C$774,099 in the second tranche.
This follows on from the first 52.08 million charity flow-through units at C$0.048, along with 23.42 million non-flow through units at C$0.031 in tranche one of the upsized private placement, as reported by Mining.com.au.
Non-flow through units comprise one share and one transferable purchase warrant, that is exercisable into one share over a three-year period at C$0.05.
Charity flow-through units comprise one flow-through share and one transferable purchase warrant under the same conditions.
CFO Doug Porter says the company is fully funded to execute planned drilling at Gochager Lake across 4,000m from this upsized funding.
“Ian and his team of geoscientists have been working very hard for the past 18 months, laying the groundwork for this upcoming program,” Porter says.
“It is because of this methodical, scientific approach that we have now expanded the geochemical footprint at Gochager to more than 8km and have developed an ever-growing inventory of very high priority drill targets.
“We are very excited to begin drilling during the first week of March.”
Funds raised will be used across all of Fathom’s mineral projects, as well as for working capital and general corporate purposes.
Fathom Nickel is a mineral explorer focused on targeting magmatic nickel sulphide discoveries to secure the supply of North American critical minerals.
Write to Maddison Elliott at Mining.com.au
Images: Fathom Nickel
