Wednesday, 13 June 2007

Pure Nickel Announces $22.5 Million Private Placement


Pure Nickel announced today execution of an engagement letter with Regent Securities Capital Corp to complete a brokered private placement of up to $22.5 million.

The private placement will consist of up to 18 million units at a price of $1.25 per unit. Each unit is comprised of one common share and 1/2 warrant with a strike of $1.75 for 18 months.

Pure Nickel intends to use the proceeds to fund the recent Xstrata Nickel property package purchase, to finance ongoing exploration and drilling program on its advanced nickel exploration properties and for working capital purposes.

Management estimates to close the offering on or around June 26, 2007. The agents will receive a commission of 6% of the gross proceeds raised and options allowing them to purchase up to 6% of the total number of units sold in this offering, on the same terms as the offering.

Click here to read the release.