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North American Nickel raises C$10.9M from marketed offering

North American Nickel Inc. said June 8 that it closed its previously reported marketed offering for gross proceeds of about C$10.9 million.

The company will use the funds for a work program and additional exploration and drilling at its Maniitsoq nickel-copper property in Greenland, as well as for general corporate and working capital purposes.

In early April, North American Nickel filed a preliminary short form prospectus for a marketed offering of units to raise up to C$15 million, with closing expected on or about May 4.

The offering comprised 145,030,833 units priced at 7.5 Canadian cents apiece. Each unit includes 1 common share and 0.5 of a common share purchase warrant, with each whole warrant exercisable at 12 cents per share for 24 months.

North American Nickel also granted the agent, Paradigm Capital Inc., a 15% overallotment option, exercisable up to 30 days from closing.

The company noted that Sentient Executive GP IV Ltd. subscribed for 94,666,666 units under the offering, increasing its interest in the company to approximately 61.88%. Sentient Executive is the general partner of Sentient Global Resources Fund IV LP.