04:34 PM EST, 12/30/2024 (MT Newswires) -- Canada Nickel Company ( CNIKF ) , which saw its shares fall 2% and nearer to 52 week lows today, after close of trade Monday announced the completion of a non-brokered private placement of an aggregate 3.48 million common shares of the company.

According to a statement the 'flow-through shares' were issued at a price of $1.15 each, for aggregate proceeds of $4 million.

The gross proceeds from the offering will be used by the company to incur eligible resource exploration expenses.

"After a highly successful exploration program in 2024, this financing allows us to continue to build on this success through the first half of 2025 as we continue to demonstrate the potential of the Timmins Nickel District, including upgrading the initial mineral resources we have published for both Reid and Deloro and building on this year's high grade discovery at Bannockburn," said CEO Mark Selby. "We look forward to publishing a total of eight mineral resources for our Timmins Nickel District properties by mid-2025."