Class 1 Nickel and Technologies Ltd. [NICO-CSE] closed a non-brokered private placement to which it issued an aggregate of seven million common shares at a price of 21 cents per share to raise aggregate gross proceeds of $1.47-million. The net proceeds will be used for working capital and exploration expenditures.
An insider of the company purchased all of the shares pursuant to the offering. All securities issued pursuant to the offering are subject to a statutory hold period expiring on May 1, 2022.
Class 1 Nickel and Technologies is focused on the development of its 100%-owned Alexo-Dundonald property, a portfolio of komatiite-hosted magmatic nickel-copper-cobalt sulphide mineral resources located near the city of Timmins, northern Ontario. The corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge nickel mine.
The company also holds the River Valley PGE Project located in Crerar and Dana townships, approximately 60 km east-northeast of Sudbury, northeastern Ontario, immediately south of New Age Metalsâ€™ River Valley Palladium Project. The project consists of 95 single cell mining claims covering approximately 2,085 hectares (21.07 km2).