Flying Nickel Mining Corp. (TSXV: FLYN) (OTCQB: FLYNF) (“Flying Nickel” or the “Company”) announces that it has closed a non-brokered private placement of 200,000 units for gross proceeds of $32,000 (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.
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”). Flying Nickel and Nevada Vanadium expect to update the closing schedule in early June 2023.
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