Exploration junior Power Nickel has closed an over-subscribed flow-through offering, raising C$20-million at C$1.25 a unit. Each unit includes one flow-through common share and one-half of one share purchase warrant.
The financing round received strong backing from industry heavyweights Robert Friedland, Rob McEwen, CVMR and Terra Capital. These investors have shown confidence in Power Nickel’s potential, particularly its Nisk project, in Quebec, said CEO Terry Lynch.
“With this capital, we will be able to substantially increase our already very successful exploration efforts. We currently have one drilling rig targeting the extension of the Lion zone and soon we will have a second rig advancing the exploration programme developed by our team, with substantial guidance from Dr Steve Beresford.”
Power Nickel aims to develop the high-grade nickel copper, platinum group metals, gold and silver Nisk project into Canada's next polymetallic mine.
The Nisk property comprises a large land position with numerous high-grade intercepts. Power Nickel is focused on expanding the high-grade mineralisation with a series of drill programmes designed to test the initial Nisk discovery zone, the Lion discovery zone and to explore the land package for adjacent potential polymetallic deposits.
Beyond Nisk, Power Nickel holds land packages in British Colombia and Chile, with plans to reorganise these assets into a related public vehicle through a plan of arrangement.