12:05 PM EDT, 06/24/2024 (MT Newswires) -- Power Nickel ( PNPNF ) on Monday said it closed an over-subscribed offering of flow-through share units, raising $20.06 million after issuing 16.05-million units at $1.25 apiece.

Each unit is made up of a tax-advantaged share and one-half of a three-year warrant to buy a common share for $1.25.

Investors Robert Friedland and Rob McEwen joined other mining investors, including CVMR and Terra Capital, to provide the buyback of the flow-through units financing for Power Nickel ( PNPNF ).

"With this capital, we will be able to substantially increase our already very successful exploration efforts," said Power Nickel ( PNPNF ) CEO Terry Lynch.

Proceeds from the sale of the flow-through units will be used for exploration activities on the company's Nisk property in Quebec and to incur eligible "Canadian exploration expenses" that will qualify for the federal 30% critical mineral exploration tax credit.

Power Nickel ( PNPNF ) shares were last seen down $0.08 to $0.80 on the TSX Venture Exchange.