11:11 AM EST, 02/12/2025 (MT Newswires) -- Power Nickel ( PNPNF ) shares were last seen up 5% after the company on Wednesday priced its previously announced "best efforts" private-placement offering, seeking to raise $40 million.

The company is offering 14.14-million Quebec flow-through shares priced at $2.83 each.

The company said it will use the proceeds to advance the Nisk project in Quebec.

"This raise will allow Power Nickel ( PNPNF ) to expand the number of rigs exploring the Nisk project across the already discovered zones such as Nisk and Lion along with the untested EM targets within the project area," chief executive Terry Lynch said.

The offering is expected to close Feb. 27.

Power Nickel ( PNPNF ) shares were last seen up $0.08 to $1.65 on the TSX Venture Exchange.

Price: 1.65, Change: +0.08, Percent Change: +5.10