NICKEL CREEK PLATINUM CORP. On May 11, 2022, Nickel Creek Platinum Corp. closed the transaction. The company has amended the terms of the transaction.
The company has issued 3,197,060 units for gross proceeds of CAD 271,750 and 25,539,500 flow-through units for gross proceeds of 2,426,252.5, for total gross proceeds of CAD 2,698,002.5. The transaction included participation from returning investor Electrum Strategic Opportunities Fund L.P., a fund managed by The Electrum Group LLC for 1,176,470 units for gross proceeds of CAD 99,999.95, and currently owns 131,338,097 common shares and 50,232,781 warrants, representing approximately 30.3% of the issued and outstanding common shares or 37.5% upon exercise of the warrants. The units were priced at CAD 0.085 with each unit consisting of one common share and one-half of one common share purchase warrant, with each warrant exercisable for one common share at an exercise price of CAD 0.125 for a period of three years from the date of issuance, subject to adjustment upon certain customary events. Each flow through unit was priced at CAD 0.095 with each unit consisting of one flow-through common share and one-half of one common share purchase warrant, with each warrant exercisable for one common share at an exercise price of CAD 0.125 for a period of three years from the date of issuance, subject to adjustment upon certain customary events.
All shares and warrants issued will be subject to a statutory four-month hold period from the date of closing. In connection with the issuance of the 25,539,500 flow through units, certain finders received payment of a finder's fee equal to 6% of the gross proceeds received by the company from the sale of flow through units, which finder's fees were payable in units (1,712,649) at an implied issue price of the units.
