Nican arranges $1.27-million private placement

Executive Summary

• Nican Ltd. announced a non-brokered private placement with strategic investor Michael Gentile for maximum aggregate gross proceeds of up to $1.27 million.
• The offering consists of two tranches: 7.9 million hard-dollar units at $0.05 per unit and 10 million charity flow-through units at $0.0875 per unit.
• Proceeds from the charity flow-through units will be used for eligible Canadian exploration expenses related to critical mineral mining projects in Manitoba, while hard-dollar proceeds are for general working capital.

Key Details

• Total Gross Proceeds: Up to $1,270,000.
• Investor: Michael Gentile (Strategic Investor).
• Tranche 1 (Hard-Dollar Units):
  • Quantity: Up to 7.9 million units.
  • Price: $0.05 per unit.
  • Gross Proceeds: Up to $395,000.
  • Composition: One common share and one common share purchase warrant per unit.
  • Warrant Terms: Exercise price of $0.075 per warrant share; exercisable for 36 months from closing.
• Tranche 2 (Charity Flow-Through Units):
  • Quantity: Up to 10 million units.
  • Price: $0.0875 per unit.
  • Gross Proceeds: Up to $875,000.
  • Composition: One common share (flow-through share) and one warrant (flow-through share) per unit.
  • Use of Proceeds: Eligible Canadian exploration expenses for flow-through critical mineral mining expenditures related to projects in Manitoba.
  • Renunciation: Qualifying expenditures to be renounced in favor of subscribers with an effective date not later than Dec. 31, 2026.
• Use of Proceeds (Hard-Dollar): General working capital purposes.
• Closing Date: On or about March 12, 2026.
• Conditions: Subject to regulatory and exchange approvals.
• Hold Period: Four months and one day from the date of issuance.
• Blocker Provision: Warrants and prior warrants held by Mr. Gentile are subject to a 20% blocker provision, preventing exercise if it results in holding 20% or more of issued and outstanding shares. This ensures no new control person is created under TSX Venture Exchange policies.
• Finders' Fees: The company may pay finders' fees to eligible finders in accordance with exchange policies.

Notable Quotes

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