Quebec Nickel closes $8.69-million private placement
2022-12-30 10:03 ET – News Release
Mr. David Patterson reports
QUEBEC NICKEL CORP. ANNOUNCES CLOSING OF THE SECOND TRANCHE OF ITS PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
Quebec Nickel Corp. has completed the closing of its second and final tranche of its previously announced brokered private placement by issuing a total of (i) 1.05 million units at a price of 20 cents per unit; (ii) 1,797,000 national flow-through (FT) shares at a price of 24 cents per national FT share; and (iii) 9,688,000 Quebec flow-through shares at a price of 25 cents per Quebec FT share. The aggregate gross proceeds raised from the second tranche is $3,063,280. The total proceeds raised from both the first and second tranche of the previously announced private placement is $8,695,288.08.
All national and Quebec FT shares issued in the private placement are subject to a four-month hold period expiring on April 30, 2023. All of the units were issued to purchasers’ resident in all provinces of Canada, except Quebec, pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions or in Quebec) pursuant to Regulation 45-106 respecting prospectus exemptions.
Each unit comprises one common share in the capital of the company and one-half of a common share purchase warrant of the company. Each whole warrant entitles the holder thereof to acquire one additional common share at a price of 30 cents for a period of two years from the closing date of the second tranche. The national FT shares and Quebec FT shares will qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada).
The company will use the private placement proceeds from the units for general working capital and exploration purposes and will use the proceeds from the national FT shares and the Quebec FT shares exclusively to finance exploration work on its properties located in Quebec.
The company is pleased to have received support and participation from its existing shareholders in the private placement. The company would like to thank all participants to the financing.
As a result of the closing of the private placement, there are now 110,842,205 common shares of the company issued and outstanding. The private placement is subject to final acceptance by the Canadian Securities Exchange.
The private placement was led by EMD Financial Inc., acting as sole bookrunner. In connection with the private placement, the company paid an aggregate of $157,796.80 in cash commissions and issued 752,100 non-transferable compensation options. Each compensation option entitles the holder thereof to acquire one common share at a price of 30 cents until Dec. 29, 2024.
About Quebec Nickel Corp.
Quebec Nickel is a mineral exploration company focused on acquiring, exploring and developing nickel projects in Quebec, Canada. The company has a 100-per-cent interest in the Ducros property, consisting of 280 contiguous mining claims covering 15,147 hectares within the eastern portion of the Abitibi greenstone belt in Quebec, Canada.
We seek Safe Harbor.
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