02:49 PM EDT, 04/12/2024 (MT Newswires) -- Power Nickel Inc. ( PNPNF ) announced Friday that it has closed its previously announced private placement of common shares at $0.20 per common share.

The company has issued near 11.9 million common shares for gross proceeds of near $2.4 million.

In connection with the private placement, the company agreed to pay finder's fees to two registered dealer firms in the amount of $75,064 cash and 117,250 finder's warrants, exercisable for a period of 18 months from closing at an exercise price of $0.20 per common share.

The proceeds of the private placement, which is subject to final approval of the TSX Venture Exchange, will be used for general corporate purposes