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Power Nickel Inc. Completes $2.75M Flow-Through Share Financing at $0.90 Each

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) has announced the successful closure of its flow-through share financing, totaling $2.75 million CAD at $0.90 per share. The initiative was orchestrated by Wealth Creation Preservation & Donation Inc. (‘Wealth’ or ‘WCPD’), bringing together Quebec-based investors.

Strategic Financing Completed

Power Nickel ensured a strategic and minimally dilutive financing process by commissioning WCPD to form a Quebec investor consortium, culminating in the sale of 3,055,556 flow-through shares. CVMR Inc. later purchased these shares at $0.45 each. All shares distributed are subject to a four-month holding period. Finalization of the private placement awaits the TSX Venture Exchange (TSXV) approval.

Advancements at Nisk Nickel Sulfide PGM Project

The company’s shareholder CVMR is undertaking various studies on the Nisk Nickel Sulfide PGM project. Their goal is to present a thorough feasibility study by Q2 of 2024. Power Nickel has previously disclosed an initial mineral resource estimate, indicating over 5.4 million tonnes of resources with promising nickel equivalent (NiEq) grades.

Optimizing Metal Recovery

VP Exploration Kenneth Williamson notes that the CVMR process might significantly improve metal recovery rates compared to traditional methods. Anticipated studies from CVMR could shed more light on these enhancements by the year’s end.

Continued Exploration Efforts

Aiming to expand its Nisk Main Zone, Power Nickel plans to incorporate a second drill rig to explore the Platinum-rich Wildcat Target area, with about 2,000 metres of drilling per month projected through April 2024.

About Power Nickel Inc.

As a Canadian exploration entity, Power Nickel is dedicated to advancing projects in Canada and Chile that exhibit potential for copper, gold, and crucial battery metals tailored for the expanding electric vehicles sector.

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