VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/19/13 -- North American Nickel Inc. (TSX VENTURE: NAN)(OTCBB: WSCRF) (CUSIP: 65704T 108) (the "Company") today announced that it 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 C$0.21 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 October 19, 2013.
Sentient Executive GP IV, Limited ("Sentient") 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% 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. ("VMS") 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% 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 2013 exploration and drill program for its highly prospective Maniitsoq Ni-Cu-Co-PGE project in southwest Greenland and general working capital purposes.
About North American Nickel
North American Nickel is a mineral exploration company with 100% owned properties in Maniitsoq, Greenland, Sudbury, Ontario, and the Thompson, Manitoba nickel belt. VMS Ventures Inc. (TSX VENTURE: VMS) owns approximately 27.5% of the Company.
The Maniitsoq property in Greenland is a Camp scale project comprising 4,983 square km's covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.
The first two discoveries of economic mineralization at Imiak Hill and Spotty Hill confirm the high value and potential of the GNB.
The Post Creek/Halycon property in Sudbury is strategically located adjacent to the producing Podolsky copper-nickel-platinum group metal deposit of Quadra FNX Mining. The property lies along the extension of the Whistle Offset dyke structure. Such geological structures host major Ni-Cu-PGM deposits and producing mines within the Sudbury Camp.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term defined in the Private Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
North American Nickel Inc.
CEO and Chair
604-986-2020 or Toll free: 1-866-816-0118
Most Popular Stories
- Koch Brothers Step up Anti-Obamacare Campaign
- FDIC Sues Big Banks Over Rate Manipulation
- Vybz Kartel Convicted of Murder
- Stocks Close Lower Ahead of Crimea Vote
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Ulta Shares Look Good on Strong Q4
- Jittery Investors Dumping Russian Stocks
- FDIC Accuses Big Banks of Fraud, Conspiracy
- U.S. Consumer Sentiment Falls in Early March