North American Nickel Inc. Closes $9.38M Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) - North American Nickel Inc. (TSX VENTURE:NAN)(OTCBB:WSCRF) (CUSIP: 65704T 108) (the "Company") 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.
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.
The Maniitsoq property in Greenland is a Camp scale project comprising 3,601 square km covering numerous high-grade nickel-copper sulphide occurrences associated with norite and other mafic-ultramafic intrusions of the Greenland Norite Belt (GNB). The >75km-long belt is situated along, and near, the southwest coast of Greenland, which is pack ice free year round.
The Post Creek/Halcyon property in Sudbury is strategically located adjacent to the past producing Podolsky copper-nickel-platinum group metal deposit of KGHM International Ltd. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark, CEO
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.