Offering's proceeds earmarked for exploration of Nachingwea project
By Devika Patel
Knoxville, Tenn., May 31 - Continental Nickel Ltd. said it has arranged a C$5 million non-brokered private placement of stock.
The company will sell 3,572,000 shares at C$1.40 apiece, a 9.68% discount to the May 30 closing share price of C$1.55.
Proceeds will be used for exploration of the Nachingwea nickel project, as well as for general corporate activities.
Continental Nickel is a Toronto-based mineral exploration company focused on nickel sulphide exploration opportunities globally.
| Issuer: | Continental Nickel Ltd.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 3,572,000
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 31
|
| Stock symbol: | TSX Venture: CNI
|
| Stock price: | C$1.50 at close May 31
|
| Market capitalization: | C$58.58 million
|
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