North America Nickel (NAN-V) closes $2.59-million tranche of placement.
June 19, 2013 - News Release
North American Nickel Inc. has closed the second and final tranche of its previously announced non-brokered private placement (see company news releases dated April 17 and April 22, 2013). Gross proceeds of $2,595,752 were raised through the issue of 15,269,131 units pursuant to the second tranche of the private placement.
As announced April 17 and April 22, 2013, and related to Multilateral Instrument 61-101, protection of minority shareholders in special transactions, the additional closing of the 15,269,131 units for gross proceeds of $2,595,752.27 was put on the agenda of the company's annual and special general meeting held on June 13, 2013. At that meeting, the company's disinterested shareholders ratified and approved this second tranche of financing from significant shareholders, the Sentient Group and VMS Ventures Inc.
Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to purchase one common share at a price of 21 cents per share, exercisable for a period of 24 months from the date of issuance.
All securities issued pursuant to the second tranche of the private placement are subject to a hold period and may not be traded until Oct. 19, 2013.
Sentient Executive GP IV Ltd. subscribed for a total of 16,552,399 units in the financing. Sentient, which is an insider and a related party of the company, now beneficially owns, or exercises control or direction over, 36,552,399 common shares (or approximately 29.9 per cent of the issued and outstanding common shares) of the company. Sentient also has warrants entitling it to acquire up to an additional 18,276,199 common shares of the company.
VMS Ventures Inc. subscribed for a total of 11,764,704 units in the financing. VMS, which is an insider and a related party of the company, now beneficially owns, or exercises control or direction over, 33,589,704 common shares (or approximately 27.5 per cent of the issued and outstanding common shares) of the company. VMS also has warrants entitling it to acquire up to an additional 5,882,352 common shares of the company.
The proceeds of this financing will be used to finance the company's 2013 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE (nickel-copper-cobalt-platinum-group-elements) project in southwest Greenland and general working capital purposes.
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