12:30 PM EDT, 03/13/2026 (MT Newswires) -- NiCAN ( NILTF ) after markets closed on Thursday said it closed a non-brokered private placement for $1.3 million with investment from Michael Gentile.

With the closing of the offering, Gentile holds 19.99% of NiCAN's ( NILTF ) shares on a non-diluted basis and 21.4-million warrants to buy additional shares. The company said Gentile has undertaken not to exercise any such warrants if doing so would result in his stake in NiCAN ( NILTF ) increasing beyond 19.99% without required shareholder and exchange approvals.

The offering consisted of the sale of 7.9-million hard-dollar units (HD units) at $0.05 apiece for $395,000 and 10-million charity flow-through units (CFT units) at $0.0875 each for $875,000. Each HD unit was made up of a share and a three-year warrantr to buy a share for $0.075.

Each CFT unit is made up of a tax-advantaged share and a warrant, which was also issued as a "flow-through share."

The company will use an amount equal to the proceeds from the sale of the CFT units to fund exploration costs at its mineral projects in Manitoba. 7. Proceeds raised from the sale of the HD units will be used for general working capital needs.

Shares of the company were last seen up $0.01 to $0.13 on the TSX Venture Exchange.

Price: 0.13, Change: +0.01, Percent Change: +8.33