On May 5, 2020, Canada Nickel Company Inc. (“Canada Nickel”) announced the completion of a $4.4 Million offering led by PI Financial Corp. (“PI Financial”). Pursuant to the offering, (i) 1,642,890 units (the “Units”) were issued at an offer price of $0.35 per Unit, (ii) 4,390,000 common shares issued on a flow-through basis at an offer price of $0.40 per share, and (iii) 4,113,900 units (the “FT Units”) issued on a flow-through basis at an offer price of $0.515 per FT Unit. Each Unit consisted of one common share of Canada Nickel and one-half of one transferable common share purchase warrant of the Canada Nickel (each whole common share purchase warrant, a "Warrant"). Each FT Unit consisted of one common share of the Company which qualifies as a "flow-through share" as defined in subsection 66(15) of the Tax Act and one-half of one Warrant. The gross proceeds from the private placement will be used to fund advancement of Canada Nickel’s Crawford Nickel-Cobalt Sulphide Discovery and for general working capital purposes.
Fasken advised PI Financial, on behalf of a syndicate of agents, with a team including Brad Freelan, Russell Lindzon, Ryan Kleinman, and Mitchell Thaw.
