On September 13, 2024, Core Nickel Corp., a junior nickel exploration company based in Saskatoon, Saskatchewan, announced its intention to conduct a non-brokered private placement offering of up to 8,000,000 flow-through units (FT Units) at a price of $0.05 per FT Unit, with the goal of raising proceeds of up to $400,000. The FT Units will consist of one flow-through common share of the Company and one half of one common share purchase warrant (Warrant). Holders of the Warrants will have the right to purchase one common share of the Company at a price of $0.06 within three years of the closing date of the Offering.
The funds raised from the private placement will be used to conduct helicopter-borne Versatile Time-Domain Electromagnetics (VTEM) and horizontal magnetic gradiometer geophysical surveys on Core Nickel’s 100%-owned Mel and Odei River exploration properties. The remaining funds will support the winter drilling program, which will focus on high-priority targets identified from the VTEM surveys conducted in 2024. All securities issued under the offering will be subject to a hold period of four months and one day from the date of issuance.
Core Nickel Corp. controls 100% of five properties in the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The Company’s properties are located near existing infrastructure such as highways, railways, major hydroelectric transmission lines, and operating mills. Core Nickel’s northern TNB projects include the Mel, Hunter, and Odei River properties, while the central TNB projects are Halfway Lake and Resting Lake. The Company’s focus is on exploring and developing these properties to uncover new sources of nickel mineralization.
Caitlin Glew, P. Geo., Vice-President Exploration for Core Nickel Corp., is the Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this announcement. The Company emphasizes that historical results mentioned in this press release were collected and reported by previous operators and have not been validated by a Qualified Person. The Company’s management cautions that these results serve as a foundation for ongoing work on the subject properties.
For further information about Core Nickel Corp. and its recent private placement offering, please visit the source version of this press release at https://www.newsfilecorp.com/release/223372.
