Core Nickel Announces up to $252,000 Non-Brokered Private Placement Financing

Rhea-AI Summary

Core Nickel Corp. (CSE: CNCO) has announced a proposed non-brokered private placement to raise up to $252,000. The offering consists of units priced at $0.175 each, with each unit comprising one common share and one warrant. The warrants allow holders to purchase an additional common share at $0.30 within 36 months of the closing date.

Proceeds from the offering will be used for general working capital expenses. The company may pay finders' fees to eligible finders, subject to compliance with securities laws and CSE policies. All securities issued will have a four-month and one-day hold period. Core Nickel plans to close this offering concurrently with its previously announced flow-through unit offering.

Positive

• Potential to raise up to $252,000 in additional capital
• 36-month warrant exercise period provides long-term funding potential
• Concurrent closing with previously announced flow-through offering may increase total funds raised

Negative

• Potential dilution of existing shareholders' ownership
• Warrant exercise price of $0.30 is significantly higher than the unit price, which may limit future capital raised through warrant exercises

Saskatoon, Saskatchewan--(Newsfile Corp. - October 10, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") announces that it proposes to undertake an up to $252,000 non-brokered private placement (the "Offering") of units (each, a "Unit") to be sold to eligible purchasers at a price of $0.175 per Unit. Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to purchase one common share of the Company at a price of $0.30 at any time on or before that date which is 36 months after the closing date of the Offering.

The proceeds received from the sale of the Units will be used to fund general working capital expenses. The Company may pay finders' fees to eligible finders in connection with the Offering, subject to compliance with applicable securities laws and the policies of the CSE.

All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance in accordance with the policies of the CSE and applicable securities laws.

The Company anticipates that it will close this Offering concurrent with the closing of its flow-through unit offering which was previously disclosed in its September 23, 2024 news releases.

About Core Nickel

Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways, railways, major hydroelectric transmission lines, and operating mills.

Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel¹. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.

Map: Core Nickel's Thompson Nickel Belt Properties

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10145/226340_21c6d90a44cbc870_001full.jpg

The Company also holds two properties in the central TNB near Wabowden: Halfway Lake and Resting Lake. Both properties host the target Pipe Formation associated with known elevated nickel mineralization and are proximal to existing nickel deposits, mills, and other infrastructure.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Caitlin Glew, P. Geo., Vice-President Exploration for Core Nickel Corp., who has reviewed and approved its contents.

References

¹ "Technical Report on the Mel Deposit, Northern Manitoba" prepared for Victory Nickel Inc, Shane Naccashian (P. Geo.) of Wardrop Engineering Inc., March 9, 2007

Technical Disclosure

The historical results contained within this news release have been captured from Manitoba Integrated Mining and Quarrying System ("iMaQs") as available and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results were collected and reported by past operators and have not been verified nor confirmed by a Qualified Person but form a basis for ongoing work on the subject properties.

On behalf of the Board of Directors

"Misty Urbatsch"

Misty Urbatsch
CEO, President and Director
Core Nickel Corp.

Contacts:

Misty Urbatsch, CEO and President
Tel: 306-668-6927
Email: murbatsch@corenickel.com

General Enquiry
Tel: 306-668-6927
Email: info@corenickel.com

Also find us online:
Website: www.corenickel.com
X: https://x.com/CoreNickel

Neither the Canadian Securities Exchange nor its regulations services accept responsibility for the adequacy or accuracy of this release.

Forward-Looking information

All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/226340

FAQ

What is the price per unit in Core Nickel's (CNCOF) private placement offering?

The price per unit in Core Nickel's private placement offering is $0.175.

How much does Core Nickel (CNCOF) aim to raise through this private placement?

Core Nickel aims to raise up to $252,000 through this non-brokered private placement.

What is the exercise price and duration of the warrants in Core Nickel's (CNCOF) offering?

The warrants have an exercise price of $0.30 and are valid for 36 months from the closing date of the offering.

How will Core Nickel (CNCOF) use the proceeds from this private placement?

Core Nickel will use the proceeds from this private placement to fund general working capital expenses.