Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (“Flying Nickel” or the “Company”) announces that it has closed a non-brokered private placement of 1,250,000 units for gross proceeds of $200,000 (the “Placement”). Each unit is priced at $0.16 and consists of one common share of the Company and one share purchase warrant with each warrant entitling the holder to purchase one additional share of the Company at a price of $0.20 per share for 3 years. No finder’s fees were paid in connection with the Placement.
The securities issued as part of the Placement will be subject to a four-month hold period.
Proceeds of the Placement are expected to be used for exploration, working capital and general corporate purposes.
Furthermore, the Company announces the appointment of Mr. Adrian Lupascu as the Company’s VP of Exploration, effective April 24, 2023. Adrian is a “Qualified Person” as defined in National Instrument 43-101 (“NI 43-101”). He holds a bachelor’s degree in geological engineering and a master’s degree in geochemistry. As an accomplished geologist and engineer, he has more than 20 years of experience in mining exploration and development for nickel platinum-group-metals, other precious and base metals projects.
Adrian was previously with Glencore, Agnico Eagle, Goldcorp and Nyrstar. Adrian has hands-on skills which include managing onsite diamond drilling and production blasting, geological modeling, management of quality assurance/quality control standards, geochem laboratory work and community relationships.
Upon his appointment, Mr. Lupascu will be granted a total of 100,000 incentive stock options (the “Options”) to purchase common shares in the capital of the Company, with an exercise price at the closing market price of April 21, 2023. The Options will vest at 12.5% per quarter for the first two years following the grant date and will expire on April 24, 2028.
Flying Nickel and Nevada Vanadium Mining Corp. (“Nevada Vanadium”) also announce that further to their joint press releases dated October 5, 2022 and August 23, 2022, Flying Nickel and Nevada Vanadium continue to work diligently with their respective advisors towards completion of the proposed acquisition of all of the issued and outstanding common shares of Nevada Vanadium by Flying Nickel by way of a court-approved plan of arrangement (the “Transaction”). Nevada Vanadium, in collaboration with its technical advisors, is updating the Gibellini Preliminary Economic Assessment which is near completion. Flying Nickel and Nevada Vanadium expect to update the closing schedule in early May 2023.
About Flying Nickel
Flying Nickel Mining Corp. is a premier nickel sulphide mining and exploration company. The company is advancing its 100% owned Minago nickel project in the Thompson nickel belt in Manitoba, Canada.
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