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Saskatoon, Saskatchewan--(Newsfile Corp. - October 21, 2024) - Core Nickel Corp. (CSE: CNCO) ("Core Nickel" or the "Company") announces that it proposes to undertake an up to $175,000 non-brokered private placement (the "Offering") of up to 1,000,000 units (the "Units") to be sold to eligible purchasers at a price of $0.175 per Unit. Each Unit will consist of one common share of the Company and one common purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company at a price of $0.30 at any time on or before that date which is 36 months after the closing date of the Offering. The Units are being offered to qualified purchasers in reliance upon exemptions from prospectus and registration requirements of applicable securities legislation. The net proceeds received from the sale of the Units will be used for general working capital.
All securities issued and sold under the Offering will be subject to a hold period expiring four months and one day from their date of issuance in accordance with the policies of the CSE and applicable securities laws.
The Company also announces that it has granted incentive stock options to certain directors, officers, and consultants to purchase up to an aggregate of 1,930,000 common shares of Core Nickel pursuant of the Company's share option plan. The options are exercisable for a period of 3 years at a price of $0.20 per share. The options, and any underlying common shares issued on exercise thereof, will have a hold period expiring February 22, 2025, in accordance with the policies of the CSE and applicable securities laws.
About Core Nickel
Core Nickel Corp. is a junior nickel exploration company that controls 100% of five properties in the prolific nickel district, the Thompson Nickel Belt (TNB) in Northern Manitoba, Canada. The five properties consist of approximately 27,000 hectares of land that is proximal to existing infrastructure, such as highways, railways, major hydroelectric transmission lines, and operating mills.
Map: Core Nickel's Thompson Nickel Belt Properties
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Core Nickel has a large contiguous land package in the northern part of the TNB, situated approximately 16-20 km from the City of Thompson. Core Nickel's northern TNB projects consist of three properties: Mel, Hunter, and Odei River. The Mel property encompasses the Mel deposit, which is characterized by a historical NI-43-101 resource estimate with an indicated resource of 4.3 million tonnes at 0.875% nickel, equating to 82.5 million lbs contained nickel, and a historical inferred resource estimate of 1.0 million tonnes at 0.839% nickel, equating to 18.7 million pounds of contained nickel1. The target stratigraphy (Pipe Formation) that hosts the Mel deposit, and other deposits in the Thompson Nickel Belt, extend onto the Hunter and Odei River properties and drillhole intersections into the target stratigraphy on the Hunter project have successfully intersected elevated nickel.