Nickel North Exploration Corp. has completed its non-brokered flow-through (FT) private placement of six million FT units at five cents per FT unit for gross proceeds of $300,000.
Each FT Unit consists of one (1) common share and one (1) non-transferable share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one (1) additional common share of the Company at $0.075 per common share. The Warrants will have an expiry date of two years from the date of issuance, subject to acceleration described as follows:
The Warrants shall be callable by the Company should the daily volume-weighted average trading price of the common shares of the Company on the Exchange equal or exceed $0.20 for a period of five (5) consecutive trading days, at any time during the period (i) beginning on the date that is one (1) month from the closing date of the FT Private Placement, and (ii) ending on the date the Warrants expire (“FT Call Trigger”). Following a FT Call Trigger, the Company may give notice by way of a news release (“FT Call Notice”) to the holders of Warrants that any Warrant that remains unexercised by the holder thereof shall expire thirty (30) days following the date on which the FT Call Notice is given.
The FT Private Placement is subject to regulatory approval. All securities to be issued pursuant to the FT Private Placement are subject to a four-month hold period under applicable Canadian securities laws. All funds are denominated in Canadian dollars. A cash fee in the amount in the aggregate of up to seven (7%) percent of the aggregate gross proceeds of the sale of the FT Units sold at closing to potential investors.
Proceeds from the issuance of the FT Units will be used for field exploration programs on the Hawk Ridge Ni-Cu-PGE-Co project in 2022.
About Hawk Ridge Ni-Cu-PGE Co Project, Quebec
The Hawk Ridge project is a 100% owned project spanning 173km with a 50km long belt with a total Inferred Mineral Resources for four mineralized deposits (Hope Advance Main (HAM), Hope Advance North (HAN), Gamma and Falco 7) recently updated to 34.66 Mt at 0.22%, 0.56% Cu, 0.013% Co, 0.19 g/t Pd, 0.05 g/t Pt and 0.025 g/t Au which includes both Pit-Constrained Inferred Mineral Resources at a CDN$35/t NSR cut-off 29.44 Mt at 0.20% Ni, 0.52% Cu, 0.012% Co, 0.19 g/t Pd, 0.04 g/t Pt and 0.021 g/t Au, which equates to 0.56% NiEq and Out-Of-Pit (Underground) Inferred Mineral Resources at a CDN$100/t NSR cut-off are estimated at 5.22 Mt at average grades of 0.35% Ni, 0.79% Cu, 0.014% Co, 0.23 g/t Pd, 0.06 g/t Pt, and 0.04 g/t Au, which equates up to 0.88% NiEq.
The project is situated along the world famous Thompson Nickel belt in Quebec and Hawk Ridge is located between the Raglan (Glencore) and the Voisey Bay project (VALE), both are two of the largest nickel mines in the world with over 40,000 tonnes of nickel produced annually.
The project is supported by local infrastructure with deep water port, a mining friendly Quebec province and Aupaluk Village and airport.
The technical information in this news release has been reviewed and approved by Tony Guo, P.Geo., Nickel North Exploration Corp’s President and CEO, who is a Qualified Person as defined by National Instrument 43-101.
About Nickel North Exploration
Nickel North Exploration is a Canada-based exploration company focused on defining a Cu-Ni-Co-PGE mineral resource at its Hawk Ridge Project in Northern Quebec. The board of directors, advisor committee and management team are experienced, successful mine finders. The property consists of a 50 km long belt of strong magmatic Cu-Ni-Co-PGE occurrences covering 173 km2. The project is located near tidewater. Quebec is a mining friendly jurisdiction. Nickel North Exploration is a conscientious corporate citizen maintains good relations with local Inuit communities and is committed to sustainable development. For more information on the company, please visit www.nnexploration.com.
Nickel North Exploration Corp. has been identified as a key player in the Critical and Strategic Minerals value chain by Quebec’s Ministry of Economics and Innovation (MEI) in 2021 (Quebec Plan for the Development of Critical and Strategic Minerals 2020-2025 (quebec.ca), which is part of Quebec’s Plan for the Development of Critical and Strategic Metals (QPDCSM) and aims to stimulate the exploration and mining of SCMs, their transformation and recycling.
Per: “Tony Guo”
Nickel North Exploration Inc.
Tony Guo. P. Geo, Chief Executive Officer (Tel: +1-778-877-5480)
For further information please visit http://www.nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither TSX Venture exchange nor its Regulations 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.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.