Power Nickel (TSX-V:PNPN) has upsized a private placement by C$10 million, bringing the total proceeds of the offering up to C$50 million ($55.45 million).
Under the placement, participants will be able to buy flow-through shares for C$2.83 each and non flow-through shares for C$1.45 each.
BMO Capital Markets and Hannam & Partners are acting as joint bookrunners for the placement.
Power Nickel says the proceeds will be used for general working capital and corporate purposes.
The offer is expected to close on 27 February 2025, subject to receiving all necessary regulatory approvals.
Earlier this month, the company completed the spin out of its Golden Ivan Project and other certain Chilean assets to a new entity Chilean Metals, providing shareholders with an ownership stake in two separate specialised companies.
Existing shareholders received one new Power nickel share and 0.05 of a Chilean Metals share for each Power Nickel share already held.
Power Nickel is a Canadian mineral explorer focused on developing its Nisk Project into potentially Canada’s next polymetallic mine. The Nisk Project — considered prospective for nickel, copper, platinum group metals, gold, and silver — comprises 20km of strike length.
Power Nickel will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Nickel
