Nunavik Nickel Mines Closes $282,975 Private Placement Financing
| MARCH 30, 2017
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Val-d’Or, Québec — Nunavik Nickel Mines Ltd. (TSX-V: KZZ; “Nunavik Nickel” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Financing”) for gross proceeds of $282,975, having issued 4,353,461 units (the “Units”) at a per Unit price of $0.065, each Unit consisting of one common share in the capital of the Company and one non-transferable common share purchase warrant, each warrant entitling the holder to purchase one common share in the capital of the Company at a per share price of $0.085 until March 30, 2019.
As announced by news release dated March 27, 2017, the Financing has been oversubscribed by 1,253,461 Units such that, on closing, the Company will issue 4,353,461 Units rather than up to 3,100,000 Units as previously announced on February 27, 2017.
In connection with the Financing, the Company issued an aggregate 225,200 common shares at a deemed per share price of $0.065 to Canaccord Genuity Corp. in satisfaction of an aggregate $14,638 in finder’s fees representing 8% of the purchase proceeds received from subscribers introduced to the Company by Canaccord. The Company also issued to the finder non-transferable warrants entitling the purchase of an aggregate 225,200 common shares at a per share price of $0.085 until March 30, 2019, representing 8% of the number of Units placed with the assistance of the finder.
In accordance with applicable securities legislation and the policies of the TSX Venture Exchange, all securities issued under the Financing, including securities issued in satisfaction of finder’s fees, are subject to a hold period until July 31, 2017.
The proceeds raised from this Financing will be used by Nunavik Nickel for general corporate purposes.
For additional information, please contact:
Glenn J. Mullan
Chairman, President, and CEO
Golden Valley Mines Ltd.
152, chemin de la Mine École
Val-d’Or, Québec J9P 7B6
Telephone: +1.819.824.2808 ext. 204
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Golden Valley and Nunavik Nickel believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of management on the date the statements are made. Except as required by law, Golden Valley and Nunavik Nickel undertake no obligation to update these forward-looking statements in the event that respective management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.