Power Nickel has unveiled plans to raise C$2.75m ($2m) through a private placement to support exploration at its Nisk nickel project in Quebec, Canada.

The Canadian junior exploration company plans to issue four million of its flow-through units, at C$0.5 apiece, and another three million non-flow-through units, each priced at C$0.25.  

It has obtained conditional approval from the TSX Venture Exchange for this private placement, which is expected to close in the coming days.

Power Nickel CEO Terry Lynch said: “We are pleased to secure the additional equity we need to continue to advance Nisk. These funds will see us able to release our NI 43-101 report in November and continue our exploration and drilling programme into Q1 2024.

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“In particular, we are most encouraged by the new data we are receiving from our ambient noise tomography programme and, in particular, want to follow up on the multiple new drilling targets this has identified.”

Nisk is said to be a high-grade nickel-copper sulphide deposit, with mineralisation for several metals such as nickel (Ni), copper (Cu), cobalt (Co), palladium (Pd) and platinum (Pt).

Located in the Canadian province of Quebec, the property has two blocks with 90 claims. It covers 45.9km² and has a length of more than 20km.

Recent drill results at the project have shown high-grade nickel-copper-cobalt sulphide mineralisation.