EV Nickel, a Canadian nickel exploration company, has announced the successful completion of a recent private placement of assets, securing proceeds totaling approximately $5.12 million.
Smart financial collaboration
As a starting point, the financial strategy relied on the collaboration with PowerOne Capital Markets and Clarus Securities, who led the offering, which consisted of two types of shares: 1,705,000 premium common shares at a unit value of US$0.95, totaling US$1.62 million, and 4,666,667 common shares at US$0.75 each, for a total of US$3.5 million.
The primary purpose of these funds is to finance the costs associated with exploration in the Shaw Dome deposits in Ontario, specifically on projects that qualify under the category of “Canadian exploration expenditures”. This includes a special designation for expenditures on mineral extraction. extraction of critical minerals critical, with the condition that investors waive these expenses by December 2024, ensuring that the amount waived reflects the gross proceeds of the placement.
Now, in terms of compensation for the placement, EV Nickel has rewarded PowerOne Capital Markets and Clarus Securities with a cash commission amounting to $358,382.52, in addition to issuing 446,017 warrants to the agents, each allowing the purchase of one share of EV Nickel common stock at a price of $0.75.
The future of reservoir exploration with EV Nickel
This private placement is a continuation of EV Nickel’s financing efforts, following an earlier agreement this month with PowerOne Capital Markets and Clarus Securities for another private placement that sought to raise up to $3.5 million.
Paul Davis, Vice President of EV Nickel Exploration expressed his gratitude for the interest and support received, noting that the funds will be essential for the development of the company’s high quality and large nickel projects. He also highlighted the company’s solid financial position, prepared to face its future work programs.
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Source: EV Nickel Exploration
Photo: Shutterstock
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