07:53 AM EDT, 06/13/2024 (MT Newswires) -- Power Nickel ( PNPNF ) said on Thursday that it is raising $20 million in a flow-through offering with several mining investors led by "industry legend" Rob McEwen.

Power Nickel ( PNPNF ) will use the proceeds to advance its Nisk project in Quebec and incur eligible exploration expenses to qualify for the federal 30% critical mineral exploration tax credit. The funds will allow Power Nickel ( PNPNF ) to "really ramp up our exploration efforts over the next 12-18 months," CEO Terry Lynch said.

The offering comprises 16 million flow-through units priced at $1.25 apiece. Each unit consists of one flow-through share and one-half of a warrant. Each warrant is exercisable at $1.25 per share for three years.

The company also closed a $200,000 flow-through financing by issuing 250,000 flow-through units at $0.80 apiece.

Power Nickel's ( PNPNF ) share price fell 6.8% yesterday to $0.68.