TORONTO, June 7th, 2021 (GLOBE NEWSWIRE) – Class 1 Nickel and Technologies Ltd. (CSE: NICO) (OTCQB: NICLF) (“Grade 1 nickel” or the “Companies“) Is pleased to announce that it has announced its previously announced brokered private placement (the”offer“), Managed by Echelon Capital Markets (“echelon“), As sole agent and bookrunner. Under the Offer, the Company has issued 3,030,000 units to Quebec residents at a price of $ 0.65 per unit and 3,403,334 units to Canadian residents at $ 0.60 per unit for a total of 6,433,334 units (one each “unit“) Which was spent on total gross proceeds of $ 4,011,500. Each unit consists of one common share in the company’s capital (a “Unit share“) And a warrant to purchase one common share (a”Justify“). Each warrant can be exercised to purchase one common share of the company’s capital (a “Warrants”) At an exercise price of $ 0.85 per common share for shares issued to Quebec residents and $ 0.80 per common share for shares issued to residents of Canada for a period of three years from the date of issue become.
The Shares have been issued as “Flow-Through Shares” within the meaning of Subsection 66 (15) of the Income Tax Act (Canada) (as “Tax law“), Each of which shares entitle the holder to waive qualifying expenses (as defined in the Tax Act). In addition, Canadian exploration expenditures in respect of Québec Resident Subscribers who are Qualified Persons under the Taxation Act (Québec) also qualify for inclusion in the “Exploration Base for Certain Québec Exploration Expenses” within the meaning of Section 726.4.10 of Québec Taxes Act and for inclusion in the “Investigation Document Regarding Certain Québec Open Pit Expenses or Oil and Gas Exploration” within the meaning of Section 722.214.171.124 of the Québec Taxes Act.
The net proceeds from the offering will be used for exploration expenditures on the Company’s Alexo Dundonald Project in Ontario and the Somanike Project in Quebec.
Echelon received a cash commission (the “Commission“) In the amount of 7.0% of the gross proceeds of the offer and the company will issue Echelon compensation options (the”Compensation options“) Corresponds to 7.0% of the number of units sold as part of the offer. Each compensation option entitles its holder to receive one unit of common stock (a “Brokerage unit“) At $ 0.60 per unit for a period of 3 years from the closing of the offering. Each brokerage unit consists of one common share of the company and a warrant to purchase one common share, with each warrant entitling its holder to purchase one common share of the company at a price of $ 0.80 for a period of 3 years after the closing of the offering.
All securities issued in connection with the Offering are subject to a hold period which expires four months and one day after the closing date.
The securities to be offered pursuant to the Offer have not been and will not be registered under the US Securities Act of 1933, as amended (the “US Securities Act“Or any US securities laws and may be offered or sold in the United States or to or for the account or for the benefit of US persons without registration or an applicable exemption from the registration requirements of the US Securities Act and applicable US securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, nor will any sale of such securities be made in any jurisdiction in which such offer, solicitation or sale is unlawful would.
Class 1 Nickel and Technologies Limited (CSE: NICO) is a mineral resource company focused on the development of its 100% owned Alexo Dundonald Project, a portfolio of igneous nickel-copper-cobalt-sulfide resources in Komatiit near Timmins, Ontario, as well as the Somanike- Nickel-copper project in Québec. This includes the famous Marbridge Mine.
For more information, please visit our new website www.class1nickel.com and our Twitter feed: @ Class1Nickel.
This press release may contain forward-looking information within the meaning of Canadian securities laws about the company’s business. Forward-looking information is based on certain key expectations and assumptions made by the company’s management. While the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should be placed on forward-looking information as the company cannot guarantee that it will prove to be accurate. The forward-looking statements contained in this press release speak as of the date of this press release. The company disclaims any intention or obligation to publicly update any forward-looking information, whether as a result of new information, future events or results, or for any other reason, except as required by applicable securities laws.
Neither the Canadian Securities Exchange nor its regulatory services provider have verified or assumed responsibility for the adequacy or accuracy of this news release.
For more information, please contact:
David Fitch, President
T: +61 400 631 608
E: [email protected]