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TORONTO , Aug. 29, 2019 /CNW/ - Nickel Creek Platinum Corp. (NCP.TO) ("Nickel Creek" or the "Company") is pleased to announce that it has closed Tranche 2 of its previously announced private placement (the "Private Placement") pursuant to which the Company issued a total of 8,568,225 units ("Units") for gross proceeds to the Company of approximately $351 thousand . The Units were priced at $0.041 with each Unit consisting of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant exercisable into one Common Share (each, a 'Warrant Share") at an exercise price of $0.08 for a period of five (5) years from the date of issuance, subject to adjustment upon certain customary events. The Company received shareholder approval of Tranche 2 at the Company's annual general and special meeting held on August 28, 2019 .
As noted in the June 26, 2019 news release, the Company intended to complete its non-brokered private placement for aggregate gross proceeds of $1.3 million , in two tranches. Tranche 1 for aggregate gross proceeds of $949 thousand closed on July 12, 2019 and Tranche 2 closed on August 29 , 2019.
The net proceeds from the Private Placement will be used to fund the investigation of strategic transactions, ongoing permitting activities and holding costs at Nickel Shäw project, and general corporate and working capital purposes.
The Common Shares and the Warrants (and any Warrant Shares, as applicable) will be subject to a statutory hold period of four months and one day from the date of issuance. The Private Placement is non-brokered and will not result in the payment of any broker fees or commissions by the Company.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold in the United States unless registered under the 1933 Act and any applicable securities laws of any state of the United States or an applicable exemption from the registration requirements is available.
About Nickel Creek Platinum Corp.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company and its flagship asset is its 100%-owned Nickel Shäw project. The Nickel Shäw Project is a large undeveloped nickel sulphide project in one of the most favourable jurisdictions in the world, with a unique mix of metals including copper, cobalt and platinum group metals. The Nickel Shäw project has exceptional access to infrastructure, located three hours west of Whitehorse via the paved Alaska Highway, which further offers year-round access to deep-sea shipping ports in southern Alaska. The Company is also investigating other opportunities for shareholder value creation.
The Company is led by a management team with a proven track record of successful discovery, development, financing and operation of large-scale projects. Our vision is to create value for our shareholders by becoming a leading North American nickel, copper, cobalt and PGM producer.
Cautionary Note Regarding Forward-Looking Information
This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "believe", "continue", "plans" or similar terminology, or negative connotations thereof. All information in this release, other than information of historical facts, including, without limitation, statements relating to the Private Placement, and general future plans and objectives for the Company and the Nickel Shäw project, are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information.
For more information on the Company and the key assumptions, risks and challenges with respect to the forward-looking information discussed herein, and about our business in general, investors should review the Company's most recently filed annual information form, and other continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE Nickel Creek Platinum Corp.
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