Nickel North arranges $1.5-million private placement

Executive Summary

• Nickel North Exploration Corp. announced a non‑brokered private placement of up to 60 million units at C$0.025 per unit, targeting gross proceeds of up to C$1.5 million.
• Each unit consists of one common share and one half of a warrant; full warrants allow purchase of additional shares at C$0.05 for two years, with acceleration provisions tied to the company’s share price.
• Proceeds will fund field exploration on the Hawk Ridge Ni‑Cu‑PGE‑Co project, update the NI 43‑101 resource estimate, provide working capital, and support potential acquisitions.

Key Details

• Units Offered: Up to 60 million units (each = 1 common share + ½ warrant).
• Pricing: C$0.025 per unit; total gross proceeds up to C$1.5 million.
• Warrant Terms:
• Exercise price C$0.05 per share, exercisable for two years after closing.
• Acceleration triggers:
  • If the common share closes ≥ C$0.08 for one month, 50 % of warrants accelerate to expire one month after trigger.
  • If the common share closes ≥ C$0.16 for one month, all warrants accelerate similarly.
• Regulatory Conditions: Subject to regulatory approval and a four‑month hold period under Canadian securities law.
• Use of Proceeds:
• Field exploration programs on Hawk Ridge Ni‑Cu‑PGE‑Co project.
• Update of the NI 43‑101 resource estimate report.
• General working capital.
• Potential acquisition of new assets.
• Related Party Participation: An insider is participating; the company will rely on exemptions under MI 61‑101, asserting that the fair market value does not exceed 25 % of market capitalization.
• Closing Conditions: Customary closing conditions and approvals from securities regulators, including the TSX Venture Exchange.

Notable Quotes

(No direct quotes were provided in the release.)