Nickel North closes $1.5-million private placement

Executive Summary

• Nickel North Exploration Corp. closed a non‑brokered private placement of 60 million units at C$0.025 per unit, generating gross proceeds of approximately $1.5 million.
• Proceeds are earmarked for field exploration on the Hawk Ridge project, an updated NI 43‑101 resource estimate, general working capital and potential acquisition opportunities.
• The placement included insider participation and a finders’ fee of $1,200 cash plus 48,000 finder warrants; units carry common share purchase warrants with acceleration triggers tied to the company’s share price.

Key Details

• Placement Size & Pricing: 60 million units sold at C$0.025 per unit (total gross proceeds ≈ $1.5 M).
• Unit Composition: Each unit = one common share + ½ of a common‑share purchase warrant.
• Warrant Terms: Holders may buy an additional common share for C$0.05 within 24 months; acceleration provisions trigger earlier expiry if the market price ≥ C$0.08 (first trigger) or ≥ C$0.16 (second trigger) for one consecutive month.
• Use of Proceeds:
• Field exploration programs on the Hawk Ridge nickel/copper/PGEs/cobalt project.
• Updating the NI 43‑101 resource estimate.
• General working capital.
• Potential acquisition of new assets (excluding investor‑relations activities).
• Insider Participation: Treated as a related‑party transaction under MI 61‑101; company will rely on exemptions from formal validation and minority approval because insider participation does not exceed 25 % of market capitalization.
• Finders’ Fees: $1,200 cash commission plus issuance of 48,000 finder warrants (exercise price C$0.05 per share).
• Holding Period & Regulatory Approval: Securities subject to a four‑month‑plus‑one‑day hold period and pending approval from applicable securities regulators, including the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)