North American Nickel May 29, '14 is pleased to announced that it has closed its previously announced non-brokered private placement (See Company news release dated May 8, 2014). Gross proceeds of $9,379,970 were raised through the issue of 28,424,152 common shares pursuant to the private placement. In addition, 50,000 common shares were issued as a finder's fee in connection with the private placement.All securities issued pursuant to the private placement are subject to a hold period and may not be traded until September 30, 2014.
Sentient Executive GP IV, Limited (for the general partner of Sentient Global Resources Fund IV, L.P.) ("Sentient") subscribed for a total of 11,739,425 common shares in the financing. Sentient, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 69,866,523 common shares (or, approximately 41.2% of the issued and outstanding common shares) of the Company.
VMS Ventures Inc. ("VMS") subscribed for a total of 3,787,879 common shares in the financing. VMS, which is an insider and a related party of the Company, now beneficially owns, or exercises control or direction over, 37,377,583 common shares (or, approximately 22.0% 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 fund the Company's 2014 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland and general working capital purposes. |
