Member Posts > Power Metallic Mines (formerly Power Nickel Inc.) Closes C$50 Million Private Placement to Boost Nisk Project Exploration
Power Metallic Mines Inc. has successfully raised C$50 million, providing crucial funding for expanding nickel exploration at the Nisk Project in Quebec. The company is ramping up resource definition, exploration drilling, and overall project advancement, aiming to solidify its role in the North American battery metals sector.
Accelerated Exploration Efforts
The three active drill rigs are now focusing on:
• Lion Zone: Primary target for high-grade nickel sulfide mineralization.
• Tiger Zone: Expansion drilling 700 meters east of Lion Zone.
• Western Lion Zone: Newly targeted zone to explore additional mineralized areas.
Breakdown of Private Placement
• Flow-Through Shares: C$40,002,050 (14,135,000 shares at C$2.83 each).
• Hard Dollar Shares: C$9,997,750 (6,895,000 shares at C$1.45 each).
• Agents: BMO Capital Markets and Hannam & Partners led the offering.
• Commission: C$2,499,990 deducted from HD Shares' proceeds.
Tax Incentives and Investor Benefits
• Qualifying Canadian exploration expenses (CEE) allow for tax deductions.
• Québec investors receive an additional 20% provincial tax credit.
• Hold period for securities extends until June 28, 2025.
With these funds, Power Metallic is advancing its goal of developing a large-scale, sustainable nickel mining operation.

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