Premium Nickel Resources (PNR) has upsized its private placement, meant for advancing its Botswana projects, to approximately C$27.5m, up from the C$15m announced initially.

This decision was made in response to increased interest from investors, particularly from the company’s existing shareholder base.

The company has received committed subscriptions for the full C$27.5m.

It added that this upsized offering, priced at C$0.78 per unit, retains the original terms as detailed in Premium Nickel’s initial press release.

In this financial move, Premium Nickel signed a binding term sheet with EdgePoint Investment Group and another investor.

Both parties are set to acquire more than 7.69 million shares each, contributing C$12m towards the placement.

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Post-completion, EdgePoint will hold a 14.1% stake in Premium Nickel’s issued and outstanding common shares.

SCP Resource Finance is providing financial advisory services to Premium Nickel for this transaction.

The initial C$15m offering is due for closure on 14 June 2024, with the final portion expected to conclude by 21 June, pending all requisite approvals.

Premium Nickel, with its Selkirk and Selebi mines in Botswana as well as other projects in Greenland and Canada, plans to utilise the net proceeds from the offering to further the exploration and development of its Botswana assets, alongside general corporate and working capital needs.

In 2022, Premium Nickel announced the acquisition of the Selkirk nickel-copper-cobalt-platinum-group metals mine in Botswana.