NICL:CC - Nickel Rock Closes $1665200 Private Placement
(TheNewswire)
Coquitlam, BC - TheNewswire - February 21, 2023 - Nickel Rock Resources Inc. (the “ Company ” or“ Nickel Rock ”) (TSXV:NICL ) ( OTC:NICKLF ) ( FRA:NMK2) announces thatit has closed a non-brokered private placement financing offering of33,304,000 units (“Units”) at a price of $0.05 per Unit for grossproceeds of $1,665,200.
Each Unit is comprised of one common share and oneshare purchase warrant (“Warrant”). Each Warrant will entitlethe holder thereof to purchase one additional common share of theCompany at an exercise price of $0.065 per share for a period of fiveyears from closing, subject to TSX Venture Exchange (“Exchange”)approval.
The Company also paid Finder fees in the amount of$40,000 cash and 3,100,500 shares in connection with the privateplacement. The finder fees are subject to Exchange approval.
All securities issued in connection with the privateplacement will be subject to a four?month and a day hold periodexpiring on June 22, 2023 in accordance with applicable CanadianSecurities Laws.
The proceeds of the Private Placement will be used forexploration and development and for general working capitalpurposes .
Insiders of the Company purchased a total of 500,000units under the Private Placement, which is considered a related partytransaction within the meaning of Multilateral Instrument61-101 Protection ofMinority Security Holders in Special Transactions (" MI61-101 "). The Company relied on theexemptions from the valuation and minority shareholder approvalrequirements of MI 61-101 contained in Sections 5.5(a) and 5.7(a),respectively, of MI 61-101 in respect of such insiderparticipation.
About Nickel Rock ResourcesInc.
Nickel Rock Resources Inc. is a Canadian basedexploration company whose primary listing is on the TSX VentureExchange. The Company’s maintains a focus on exploration for highvalue battery metals required for the electric vehicle (EV) market. www.nickelrockresources.com
About the British Columbia, NickelProjects
The Mount Sidney Williams Group consists of three claimblocks with a total area of 10,569 hectares in the area surroundingMount Sidney Williams, both adjoining and near the Decar project ofFPX Nickel Corp., located 100 kilometres northwest of Fort St. James,B.C., in the Omineca mining division. Metallic mineralization includesnickel, cobalt, and chromium. At least some of the nickelmineralization occurs as awaruite. The Mitchell Range Group areaclaim consist of one claim block covering 8,659 hectares withdemonstrated metallic mineralization including nickel, cobalt, andchromium. Nickel cobalt mineralization has not been well explored, butthe presence of awaruite has been documented. The Company has optioned out an 80% interest on certain mineralclaims within the Hard Nickel 4 and Nickel 100 exploration project, toSurge Battery Metals Inc. (TSXV:NILI).
The Company has entered into an Option Agreement toacquire a 100% interest, subject to a 2% NSR, in 6 mineral claims(Funk claims) located approximately 15 km west of Mt Sydney Williamsnear Fort St James, BC.
About Clayton Valley LithiumProject
The Company owns a 100% in 113 lithium lode and placerclaims covering over 640 hectares in Clayton Valley. Clayton Valley isa down-dropped closed basin formed by the Miocene age Great Basinextension and is still active due to movement along the Walker Lanestructural zone. As a result, the basin has preserved multiplelayers of lithium bearing volcanic ash, resulting from multipleeruptive events over the past 6 million years including eruptions fromthe 700,000-year-old Long Valley Caldera system and related events. These ash layers are thought to contribute to the lithium brinesextracted by Albemarle and are also likely involved in the formationof the exposed lithium rich clay deposits on the east side of ClaytonValley.
On Behalf of the Board of Directors
“Robert Setter”
604-428-5690
Robert Setter, President & CEO
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release. This news release may containforward-looking statements which include, but are not limited to,comments that involve future events and conditions, which are subjectto various risks and uncertainties. Except for statements ofhistorical facts, comments that address resource potential, upcomingwork programs, geological interpretations, receipt and security ofmineral property titles, availability of funds, and others areforward-looking. Forward-looking statements are not guarantees offuture performance and actual results may vary materially from thosestatements. General business conditions are factors that could causeactual results to vary materially from forward-lookingstatements.
Copyright (c) 2023 TheNewswire - All rights reserved.