Power Metallic Mines Inc Stock Price, News & Analysis

The latest drill results from Power Nickel at its Nisk project near James Bay, Quebec, indicate strong mineralization with high-grade Ni-Cu-Co-PGE intersections. Key findings include:

• 0.97% Ni, 0.45% Cu, 0.07% Co, 0.80 g/t Palladium, and 0.27 g/t Platinum over 16.4m in hole PN-23-023.
• New discoveries 800m east of the Main Zone show significant nickel-copper-cobalt-PGE mineralization.
• Drilling continues to confirm mineralization success and additional assay results are pending.
• A total of 14 holes from the fall 2022 program and 15 from winter 2023 were completed.

Power Nickel's ongoing exploration aims to expand the known resource while identifying new mineralized zones at Nisk.

Power Nickel Inc. (TSX-V:PNPN)(OTCQB:PNPNF) has successfully closed the second tranche of its private placement, raising CAD $2,585,000 by selling 5,170,000 flow-through units at $0.50 each. This financing is part of a larger $5,000,000 offering aimed at funding exploration activities for the NISK Nickel Sulfide project in Quebec. CEO Terry Lynch highlighted Quebec's favorable incentives for critical mineral projects, which could facilitate a potential future investment of $200 million USD for a $400 million nickel mine. The company plans to close the remaining $706,000 of the financing by early May. The flow-through shares qualify for a 30% Critical Mineral Exploration Tax Credit, enhancing their attractiveness to investors. However, delays in closing were attributed to investor analysis of recent tax changes.

Power Nickel has successfully closed the first tranche of its private placement, raising CAD $1,709,000 by issuing 3,418,000 flow-through units at $0.50 each. The Company anticipates completing the full $5,000,000 offering shortly. The funds will support exploration at the NISK Nickel Sulfide project in Quebec, which benefits from favorable local incentives for critical minerals. The placement includes an acceleration clause for warrants and financial commitments, such as a $102,500 finder's fee. Critical Elements Lithium Corp. has increased its stake in Power Nickel to approximately 10.5%.

Power Nickel Inc. announced its successful oversubscription of a private placement offering, raising up to CAD $5 million through the sale of 10 million flow-through units at $0.50 each. The financing reflects strong interest despite challenging market conditions, indicating positive recognition of their Nisk project within the investment community. The placement is set to close around March 30, 2023, with proceeds allocated for exploration activities at the Nisk property, potentially qualifying for a 30% Critical Mineral Exploration Tax Credit. Each flow-through unit includes a share and a warrant, with an exercise price of $0.50 for five years.

Power Nickel Inc. (TSX-V:PNPN)(OTCBB:PNPNF) announced a proposed private placement of up to 10,000,000 flow-through units at a price of $0.50 per unit, aiming for gross proceeds of up to CAD $5 million. Each unit consists of one common share and one-half of a warrant, exercisable at $0.50 for five years. The company plans to use proceeds for exploration activities on its NISK property in Quebec, qualifying for the 30% Critical Mineral Exploration Tax Credit. The offering is subject to TSX Venture Exchange approval.

Power Nickel Inc. (TSX-V:PNPN, OTCQB:PNPNF) reports ongoing successful drilling at its Nisk project near James Bay, which indicates a significant extension of high-grade nickel-copper-cobalt-PGE mineralization. Recent assays show remarkable results from drill holes PN-22-011 and PN-22-012, with up to 1.40% Ni and 2.52 g/t Pd over 10.2 meters. The drilling program is set to continue until late April/early May 2023, with further data expected to refine exploration targets. The project represents a promising expansion in the region with potential high-grade nickel deposits.