11:48 AM EDT, 06/13/2024 (MT Newswires) -- Power Nickel ( PNPNF ) said Thursday it is raising $20 million in a private placement of flow-through share units to several mining investors led by Rob McEwen, chief executive of McEwen Mining (MUX.TO)

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," chief executive Terry Lynch said.

The offering company is placing 16-million flow-through units priced at $1.25 and made up of a tax-advantaged share and one-half of a three-year warrant to buy a common share for $1.25.

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

Power Nickel's ( PNPNF ) shares were last seen up $0.03 to $0.71 on the TSX Venture Exchange.

Price: 0.71, Change: +0.03, Percent Change: +4.41