North American Nickel (TSX.V:NAN) is a mineral exploration company whose flagship property is the Maniitsoq property in Greenland. Maniitsoq is a district scale project covering numerous high-grade nickel-copper sulphide occurrences. The 70km plus long belt is situated along, and near, the southwest coast of Greenland, which is ice free year round.
North American Nickel Inc. has filed a preliminary short form prospectus in connection with a proposed marketed offering of units of the company for gross proceeds of up to $12-million. The offering will be conducted on a best-effort basis through Paradigm Capital Inc., acting as agent.
The offering will be priced in the context of the market with the specifics of the offering to be determined at the time of pricing. It is anticipated that each unit will consist of one common share of the company and one-half of one common share purchase warrant of the company. It is anticipated that each warrant will entitle the holder thereof to acquire one common share of the company at any time prior to 5 p.m. (local Toronto time) on the date that is 24 months following its issuance date.
The company intends to use the net proceeds of the offering for exploration activities to be completed at the company's Maniitsoq project in Greenland, for the repayment of debt and for general working capital purposes.
The offering is being made pursuant to a short form prospectus filed in each of the provinces of British Columbia, Alberta and Ontario. A copy of the preliminary short form prospectus, which contains important information relating to the units, is available on SEDAR. There will not be any sale or any acceptance of an offer to buy the units until a receipt for the final prospectus has been issued.
The offering is expected to close on or about June 29, 2016, or on such later date as the company and the agent may agree upon, and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange, and the entering into by the company and the agent of an agency agreement.