Toronto-headquartered Power Nickel (TSX-V:PNPN) has closed its recent C$20 million ($22 million) flow-through offer “oversubscribed” and backed by well-known mining personalities including billionaire investor Robert Friedland.
The junior explorer raised around C$20.1 million via the issue of 16.05 million flow-through units at C$1.25 each.
Each unit comprised one flow-through common share and half of one share purchase warrant, with each warrant exercisable for one common share at C$1.25 within three years.
Friedland, who is the founder and co-chairman of Canada’s Ivanhoe Mines (TSX:IVN), participated in the capital raising along with fellow Canadian businessman and CEO of McEwan Mining, Rob McEwan.
CVMR Inc and Terra Capital also took part in the capital raising.
The cash raised will fund exploration activities at Power Nickel’s Nisk property in Québec, Canada.
Earlier in June, Power Nickel kicked off its 2024 drilling program, comprising 20 holes totalling 8,000m targeting additional zones of copper, platinum, palladium, gold, silver and nickel at the Lion Zone.
CEO Terry Lynch says Power Nickel is grateful for the support of some of the leading investors in mining.
“Like us, they believe Nisk has exceptional exploration upside,” he says.
“With this capital, we will be able to substantially increase our already very successful exploration efforts.
“We currently have one drilling rig targeting the extension of the Lion Zone and soon we will have a second rig advancing the exploration program developed by our team, with substantial guidance from Dr Steve Beresford.”
Write to Angela East at Mining.com.au
Images: Power Nickel
