- Quebec Nickel (QNI) has closed the first tranche of its previously-announced private placement
- Aggregate gross proceeds raised from the First Tranche amounted to $4,672,601.94
- The company will use the private placement proceeds the FT shares and the Quebec FT shares to fund exploration work on its properties
- The company has also increased its 2021-2022 work program to over $5 Million, allowing it to drill up to 20,000 metres across the Ducros Project
- Quebec Nickel is up 11.76 per cent, trading at $0.38 at 12:58 pm ET
Quebec Nickel (QNI) has closed the first tranche of its previously-announced private placement.
The Vancouver-based mineral exploration company issued a total of 3,803,304 units at a price of $0.24 per unit. In addition, it issued 10,004,000 flow-through shares at a price of $0.25 per FT share; and 4,841,573 Quebec flow-through shares at a price of $0.26 per Quebec FT share.
Aggregate gross proceeds raised from the First Tranche amounted to $4,672,601.94.
The securities issued in the private placement are subject to a four-month hold period expiring on March 5, 2022.
The company will use the private placement proceeds from the Units for general working capital purposes and will use the proceeds from the FT shares and the Quebec FT shares to fund exploration work on its properties.
Quebec Nickel anticipates closing the second tranche of its private placement on or around November 10, 2021.
The company has also increased its 2021-2022 work program to over $5 Million. The increased exploration budget will allow it to drill up to 20,000 metres across the Ducros Project area.
Currently, detail geological mapping and sampling of the exposed length and breadth of the Fortin Sill is underway. The company is conducting a property-wide helicopter-borne VTEM survey over 1,717 kilometres, and once that is completed, ground follow-up will start on the Ducros Sill, Ducros Gabbro and other prospective electromagnetic (EM) conductors.
Quebec Nickel is up 11.76 per cent, trading at $0.38 at 12:58 pm ET.
