North American Nickel Inc. closes first tranche of Its $7.05M non-brokered private placement
North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") is pleased to announce that today it has closed the first tranche of its previously announced non-brokered Private Placement (see NAN release, April 17, 2013). Gross proceeds of $4,458,345 were raised through the issue of 26,225,561 Units.
Each Unit consists of one common share and one-half of a common share purchase Warrant. Each whole Warrant entitles the holder to purchase one common share at a price of C$0.21 per share, exercisable until April 22, 2015. Finder's fees of $62,009.50 have been paid in cash in connection with the private placement.
All securities issued pursuant to the private placement are subject to a hold period and may not be traded until August 20, 2013 as to 15,931,149 Units, and August 23, 2013 as to 10,294,412 Units.
As announced April 17, 2013 and related to Multilateral Instrument 61-101, "Protection of Minority Shareholders in Special Transactions", an additional closing on proceeds of $2,595,752.27 from The Sentient Group and VMS Ventures is expected to take place on or about June 13, 2013. These funds are currently held in trust and will be released to the Company upon the Company's disinterested shareholders ratifying approval of that closing at the annual and special general meeting scheduled for that day.
The proceeds of this financing will be used to fund the Company's 2013 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland and general working capital purposes.
The Company also announces that it has granted 200,000 stock options to members of the Company's advisory board exercisable at a price of $0.15 per share for a period of five years.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland, Sudbury, Ontario, and the Thompson, Manitoba nickel belt. VMS Ventures Inc. (TSX VENTURE:VMS) owns approximately 27.5% of NAN.
The Maniitsoq property in Greenland is a Camp scale project comprising 4,983 square km's covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.
The first two discoveries of economic mineralization at Imiak Hill and Spotty Hill confirm the high value and potential of the GNB.
The Post Creek/Halycon property in Sudbury is strategically located adjacent to the producing Podolsky copper-nickel-platinum group metal deposit of Quadra FNX Mining. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.