07:43 AM EDT, 04/04/2024 (MT Newswires) -- Power Nickel Inc. ( PNPNF ) said earlier Thursday that it is raising $2 million in a private placement of 10 million shares priced at $0.20 apiece.

The company plans to use the proceeds for general corporate purposes and fund specific investor communications programs.

"We are pleased to announce we have secured commitments to close this financing and that closing is expected to take place next week. These are challenging market conditions but we are making such great progress we just must keep going. I sincerely believe this financing will be the last done at these levels and that junior mining markets are entering a turnaround phase. At Power Nickel ( PNPNF ) in particular, we have had a series of announcements about our ongoing exploration programs and their positive results and expect to report more on that shortly," CEO Terry Lynch said.

Power Nickel ( PNPNF ) is developing the Nisk project to become Canada's first carbon-neutral nickel mine.