- North American Nickel (NAN) has closed its C$10.1M private placement of subscription receipts
- The company will use the funds for exploration and development, working capital and for general corporate purposes
- It has entered into a definitive amalgamation agreement with Premium Nickel Resources, which intends to complete a go-public transaction on which the funds are contingent
- North American Nickel is a mineral exploration company active in Greenland, Canada and Africa
- North American Nickel (NAN) closed unchanged trading at $0.58 per share
North American Nickel (NAN) has closed its C$10.1M private placement of subscription receipts.
The company sold 21,118,000 subscription receipts priced at $0.48, including the partial exercise of the agents’ option, for total gross proceeds of $10,136,640.
Each subscription receipt will be automatically exercised into one NAN common share upon satisfaction of the escrow release conditions.
The company will use the funds for exploration and development, working capital and for general corporate purposes.
Paradigm Capital acted as lead agent and sole bookrunner.
Proposed reverse takeover (RTO) transaction
North American Nickel has entered into a definitive amalgamation agreement with Premium Nickel Resources, which intends to complete a go-public transaction.
Premium Nickel is a Canadian company dedicated to the exploration and development of nickel-copper-cobalt resources with a focus on southern Africa.
The gross proceeds from the offering will be held in escrow pending the earlier of (i) the satisfaction of the escrow release conditions, which concern the completion of the RTO transaction and the listing of the resulting issuer, up to 120 days following the closing date and (ii) the occurrence of a termination event.
North American Nickel is a mineral exploration company active in Greenland, Canada and Africa. It is a founding shareholder in Premium Nickel Resources with a current holding of 8.9 per cent.
North American Nickel (NAN) closed unchanged trading at $0.58 per share.
