TORONTO, Dec. 31, 2021 (GLOBE NEWSWIRE) — Class 1 Nickel and Technologies Ltd. (CSE: NICO/OTCQB: NICLF) (“Class 1 Nickel” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) pursuant to which it has issued an aggregate of 7,000,000 common shares (“Shares”) at a price of $0.21 per Share, to raise aggregate gross proceeds of $1,470,000. The net proceeds raised pursuant to the Offering will be used for working capital and exploration expenditures.
An insider of the Company purchased all of the Shares pursuant to the Offering. All securities issued pursuant to the Offering are subject to a statutory hold period expiring on May 1, 2022.
About Class 1 Nickel
Class 1 Nickel and Technologies Limited (CSE: NICO/OTCQB: NICLF) is a mineral resource company focused on the development of its 100% owned Alexo-Dundonald Property, a portfolio of komatiite hosted magmatic nickel-copper-cobalt sulphide Mineral Resources located near the City of Timmins, Ontario. The Corporation also owns the Somanike komatiite-hosted nickel-copper sulphide property in Quebec, which includes the famous Marbridge Nickel Mine.
For more information, please contact:
David Fitch, President
T: +61 400.631.608
For additional information please visit our website at www.class1nickel.com and our Twitter feed: @Class1Nickel.
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, including risks relating to the use of proceeds of the Offering and the prospective nature of the Corporation’s property interests.. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Class 1, including with respect to the receipt of all permits and licenses, environmental matters, results of exploration activities, increased costs, delays caused by the COVID-19 pandemic and availability of capital.. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.