North American Nickel Announces Private Placement of Up to $9,400,000
08 Maio 2014 - 6:50PM
Marketwired
North American Nickel Announces Private Placement of Up to
$9,400,000
Maniitsoq's 2014 Budgeted Exploration Program Fully Financed
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 8, 2014) - North
American Nickel Inc. (TSX-VENTURE:NAN)(OTCBB:WSCRF)(CUSIP:65704T
108) (the "Company") is pleased to announce that it has
co-ordinated a private placement of up to 28,484,848 common shares
of the Company (the "Shares") at a price of CAD$0.33 per Share for
aggregate gross proceeds of up to CAD$9,400,000.
The net proceeds of the financing will be used to fund the
Company's 2014 exploration and zone drilling programs at its 100%
owned Maniitsoq nickel sulphide project in south western Greenland
and to provide additional working capital.
Sentient Executive GP IV, Limited (for the general partner of
Sentient Global Resources Fund IV, L.P (collectively, "Sentient")
intends to invest its pro-rata amount in the financing in order to
maintain its 41.3% position in the capital of the Company.
Sentient, which is an insider and a related party of the Company,
beneficially owns, or exercises control or direction over,
58,127,098 common shares of the Company or approximately 41.3% of
the issued and outstanding common shares of the Company and no
warrants.
VMS Ventures Inc. ("VMS") intends to invest $1,250,000 in the
financing. VMS, which is an insider and a related party of the
Company, beneficially owns, or exercises control or direction over,
33,589,704 common shares (or approximately 23.9% of the issued and
outstanding common shares) of the Company and warrants entitling
VMS to acquire up to an additional 5,882,352 common shares of the
Company. Richard J. Mark, the Chairman, CEO and a director of the
Company, is the Chairman, CEO and a director of VMS.
Due to the fact that Sentient and VMS, who are each insiders and
related parties of the Company, will subscribe for Shares, their
subscriptions under the financing will be "related party
transactions" for the purposes of Multilateral Instrument 61-101 -
Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). The Sentient and VMS subscriptions
will be completed in reliance on (i) an available exemption from
the formal valuation requirement of MI 61-101 provided in paragraph
(b) of Section 5.5 of MI 61-101 and (ii) an available exemption
from the minority shareholder approval requirement of MI 61-101
provided in paragraph (a) of Section 5.7 of MI 61-101. Neither the
fair market value of the Shares issued nor the consideration paid
for the Shares pursuant to the Sentient and VMS portions of the
private placement will exceed 25% of the Company's market
capitalization.
Sentient and VMS, to the Company's knowledge, are each making
their own investment decisions and are acting independently and not
jointly and in concert.
Shares acquired by the placees will be subject to a hold period
of four months plus one day from the date of closing of the private
placement in accordance with applicable securities legislation.
The closing of the private placement will occur as soon as the
applicable closing conditions, including the approval of the TSX
Venture Exchange have been satisfied. Finder's fees may be paid in
connection with a small portion of the financing.
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.Rick MarkCEO and Chair604-986-2020 or
Toll free: 1-866-816-0118
North American Nickel (TSXV:NAN)
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